When it comes to taxes, many people choose to do them on their own. However, some may be wondering whether now is a good time to use a tax pro.
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GOBankingRates asked ChatGPT whether taxpayers should hire someone to do their taxes or do them on their own. For starters, it said the decision primarily depends on four factors — complexity, risk, time and potential savings. Here’s a breakdown of the response from ChatGPT that may help you decide how to tackle taxes this year and in the future.
Also see six money hacks to make doing your taxes easier.
When To File Yourself
ChatGPT started with a list of three reasons when filing yourself makes sense.
First, DIY filing is usually a good option if your tax situation is simple with W-2 income from one or two jobs and standard deduction. Second, if you’re comfortable with forms and online tools, it may make sense to file your own taxes. Finally, and perhaps most obviously, you may choose to do your own taxes if you want to save money, as hiring a professional may cost you anywhere from $150 to more than $1,500.
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When To Hire a Pro
According to ChatGPT, a CPA or enrolled agent may be worth the cost if your income is complex, such as with self-employment or rental properties.
Two other reasons to seek professional tax help include major life changes and the need for strategic advice to reduce your tax liability. A final reason to seek a professional may be that you want peace of mind and don’t want to spend the time filing taxes.
How To Decide
Here’s the bottom line from ChatGPT: You may be able to do your own taxes if you have a simple return and standard deduction. Hiring a pro may be a good choice if you have a business and investments.
If you’re uncertain, try entering your information into a tax software first and then go to a pro if you get confused or your results don’t look correct.
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT If I Should Hire a Tax Pro or File Myself — Here’s the Answer
