When is it worth doing your own taxes and when should you hire an accountant?

I think that the tax software is getting better every year. I used Turbo Tax for a number of years and for the price ($30-50) it did a solid job. It handles multiple sources of income just fine and the software will catch the majority of tax breaks, changes in code, and deductions that an accountant or tax prep agency would.

I stopped using Turbo Tax when I began accumulating rental properties and having to do depreciation schedules, and having substantial investment income. While the tax software claims to be able to handle these things, I don't have to confidence in the software. The first year I used an accountant, I plugged my info into Turbo Tax just to double check and the accountant got me a substantially larger refund (a couple thousand dollars larger!) The complexity would be the balance tipper for me.

Is it just a few differenct sources of income or small investments, or is it large amounts of money and complex small business issues, rental properties, home office expenses, etc. I hope that helps, good luck.

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