Should I do my own taxes or hire a professional?


2020 W2s are out. So - should you do your own taxes, or give them to a professional? My Tax Guy in Houston's Doug Hord outlines who should be able to complete their own return. "This is a person who has a W2 or two, may have some children, and like most people can't itemize any more because the deductions are too high - those people should be fine to do their own returns."

And here's who Hord says should see a pro. "People who trade virtual currency like bitcoin, people who have depreciation on business transactions, people who are self employed, people who have taken a 401(k) early withdrawal, people who have bought or sold a house or have had other major life changes [marriage, divorce, baby, bought a business, became self employed etc.] --- those people should get professional help."

Hord suggests if you made 75 thousand or less - - Use the Free File program on the IRS website.

Hord has some reminders for you. "You have to account to whether or not you have received both of the Stimulus Checks. And - they have included a $300 charitable donation deduction even if you don't itemize." But - Hord says if you are self-employed, have unemployment income or retirement distributions, paid child care expenses or made a major life change like buying or selling a house...then visit a professional who could save you hundreds of dollars.

photo: Getty

February: W2s are out.

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