Tax Time – Do It Yourself or Hire Someone

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14 Responses

  1. Hi Rob, I’m a DIY when it comes to taxes. Tax software makes it manageable. Of course, I’m a CPA so I don’t have an excuse. When it comes to other stuff like being a handyman, I gotta hire that out cause I’m worthless. Tom
    Tom @ Dividends Diversify recently posted…The “Fine Art” of Saving MoneyMy Profile

    • Rob says:

      Haha nice Tom. Of course your a little biased! Im the same i can do alot of handy work but other things are worth hiring out.

      Times like this i wish i was a cpa.

      Cheers

  2. MrSLM says:

    Unfortunately we have a complicated tax return, since we worked for a couple years in the US and I still have vesting stock from then. Gotta pay out the nose for a cross-border accountant. I might be able to do it myself, but there’s so much money on the line that I’d rather leave it in the hands of an expert.

    Next year will be the last year we need to do that, and then I’ll go back to using ufile.
    MrSLM recently posted…How I Negotiated a $40k RaiseMy Profile

  3. Leo T. Ly says:

    I have been using the UFile tax program for about a decade now and it works well for me. I would never do the manual paper filing again as it’s not worth my time and I can’t carry my info forward. I just buy the software and it more than pays for itself.

    Filing your own taxes is not as difficult as one may think. All you need to do is ask the right questions when you use an accountant. If you know what questions to ask, then most likely, you can do a search and file the item using a tax software. Most people’s tax situation and the tax rule don’t change very often. Even if it does changes, all you have to know is the incremental changes. Does it affect you?

    I am often very curious about any new tax rules so I read up on it. This makes tax time a lot more fun. Especially when you get a sizeable refund. I know I am giving the CRA a free loan, but it doesn’t bother me.
    Leo T. Ly recently posted…How I Earned More Money And Pay Less Income Taxes Than My SpouseMy Profile

  4. Glad it worked out for you and you are actually seeing some money back. I have done my own taxes for a while now but I am kind of lucky because a few of the people I know. My mom works for H&R Block and one of my good friends is a CPA even though he specializes in corporations. Still nice to be able to bounce ideas off them to see how it would play into my taxes.

    • Rob says:

      Hey geek

      Sounds like you got some sweet connections! Unforetunately i dont have those kind of hookups.

      It worked out for me. Maybe next yr ill do one of those courses though!

      Cheers man

  5. I did my own taxes for years – and still do taxes for most of my family….that said once my wife started her business – and we had the kids – we decided to get my wife’s accountant uncle to do our taxes. We are lucky – he does them for free 🙂

    I’d say if you have a simple return – a t4, some rrsps, charitable deductions – do them yourself…once there are businesses, multiple credits, and more involved…might want to look at getting a pro to dig in….
    Jordan @ moneymaaster.com recently posted…Deep dive into my portfolio: Fun with numbers & graphs.My Profile

    • Rob says:

      Nice Jordan

      Always nice knowing a pro who will do them for free!
      I agree once it becomes too complicated its worth hiring a pro..
      cheers

  6. I’m a big fan of Turbo Tax. I used to go to H & R Block, but when I started investing in stocks, they wanted too much money. Even though I didn’t make a profit with stocks, because they had to deal with the subject matter, the fee was way higher. Then I gave Turbo Tax a try and I’ve been using them ever since. I do like the fact that they save last year’s data. But I really like the fact that I learn various ways to save on taxes. Rather than just turning over my documents and let somebody take care it’s of things, doing it myself helps to educate me on tax rules and give me the confidence to know that it’s being done right.

    One of these days though, I’ll compare Turbo Tax to a professional and see if that makes a difference.
    Dividend Portfolio recently posted…Inspirational Quote Of The Month – March 2018My Profile

    • Rob says:

      Hey port.

      Luckily for me at the moment All my stocks are in registered accounts. So its claiming the rrsps we put in.

      I hired her hoping the solar panels would of been a factor. Maybe next yr ill try again!

      Its true by doimg them yourself you learn more.

      Cheers port

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