Saturday, March 03, 2007

Do You Do Your Own Taxes?

I don't. I hate tax season. It's not so much that I am worried about whether we will need to pay outstanding taxes, although this year there is a good chance we will find ourselves caught in the AMT net, it's more the hassle of it all. I am a fairly organized guy, and I have all of our financial records but there is always SOMETHING.

Last year for example, E*Trade sent us 3 separate 1099s. This year they sent us none, and it's only today that they finally posted a digital copy of our 1099 on the web. If it's not E*Trade it's something else, but there is always something. Somehow, I always get to the beginning of April before the whole tax situation is straightened out. On occasion, I have been known to stand in the huge line at the post office on April 15th. Seriously, I hate tax season.

Every year I consider doing our taxes myself. In the past we had some tax complexities that required a professional, and so for the past 8 years we have been using an accountant. These days the situation is pretty straight forward (minus the possible AMT fiasco) and I could probably handle the task myself. However, I will probably give our good ol' accountant a call.

The way I see it, I am a business professional. I deal with complex business issues, manage a team, own a budget. That's my specialty. I don't know nearly enough about taxes to make me feel like I am the best man for the job. Yes, I could save $300 but I could probably save that much money every year by cutting my own hair. Thankfully, so far I have chosen to go the more expensive route there too.

I guess it is a combination of apprehension, laziness and the comfort of knowing that I am paying someone else to keep me out of trouble that make me go back to the accountant every year. This year will doubtless be the same. But you know what? For $300, it's totally worth it.

Would love to hear from you on this issue. Am I being a wuss?

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