Higher taxes will be ‘very damaging’ to working families: Rep. Kevin Brady
Rep. Kevin Brady, R-Texas, provides insight into how raising taxes have impacted inflation.
Filing taxes is a task most of us have to do (if you're a very low earner, you may be exempt from submitting a return). And it's something a lot of people can easily do solo, perhaps with the help of tax software. But in some cases, you may want to outsource the task to a professional.
Of course, doing so will cost you. The average price for a professional to file a personal tax return is $220 to $323, according to the National Society of Accountants. But if any of the following circumstances apply to you, it could be worth it to pay for that help.
'WORK FROM HOME' PROVIDES NO TAX BENEFITS, BUT 'CREATOR ECONOMY' LEADING TO HOME-RUN BUSINESS BOOM: EXPERTS
1. You’re itemizing for the first time
You have a choice when filing your tax return: You can opt for the standard deduction (the amount of which can change from year to year and is based on your filing status), or you can itemize your deductions in the hopes they'll lead to a greater tax break.
Itemizing makes sense when your personal deductions exceed the standard deduction, and there are different expenses you can claim. These include interest on your mortgage, state and local taxes, and medical expenses depending on your income and total out-of-pocket spending. But if you're new to itemizing, you may not know exactly what you can and cannot claim. It's not unreasonable to hire someone to walk you through the process.
IRS ON HIRING BLITZ AS TAX RETURN BACKLOG SWELLS
2. You became self-employed
Taxes can get a little more complicated once you stop being a salaried employee and start working for yourself. If you became self-employed last year, it could pay to hire some help to complete your 2021 tax return. That way, you'll know what expenses you're eligible to write off and will be less likely to miss out on tax breaks you're entitled to.