IRS DIY: 4 Reasons to Do Your Own Taxes

If you're like most people, tax time leaves you wrought with frustration and apprehension. The heat is on from the end of the year to April 15th when your tax bill is figured. However, some are finding relief by doing their own taxes. Here are 4 reasons why you should consider following suit.

1. Save Money
Despite the apparent convenience of having a professional do your taxes, you're going to pay for it. Some accountants charge between $100 and $500 depending on the complexity of your return. While many filers have the fee taken out of their return, you could be putting that fee back in your pocket by filing for yourself.

2. Save Time
You wait on hold to schedule an appointment. You wait in the sitting area for your tax professional to finish the previous appointment. You wait while your taxes are figured. You wait for your return. When you do your own taxes, you eliminate much of the waiting.

3. Maximize Deductions
Nobody knows your profession like you do--including the number of deductions you can take. Once you get the hang of filing, you'll be surprised at how many opportunities there are to reduce your tax bill. Tax generalists often miss specific deductions simply because they're generalists.

4. Sharpen Skills
If you're an accountant--or aspiring to be one--doing your own taxes is one of the best professional development activities you can undertake. If you can do your own, you should be able to do someone else's.