Every tax season, the question I get most is "Should I just pay someone to do my taxes?". Every year my answer is the same, "it depends". There are many factors that should be considered before making the final decision to tackle the tax beast. In the end, the decision is yours. Let's talk about what to consider.

First off, how complex are your taxes? If you are single, rent your home, don't have many deductions and don't have any special tax circumstances, the decision is easy. You simply go online to a site such as TurboTax and take advantage of free federal filing. State filings usually have a small cost, but that is pretty standard. The best part about using a site such as TurboTax is that when you go to do your taxes next year, they will copy over as much information as possible from this year's tax return. They will also help you make all the decisions about your return. They ask you all the right questions and your answers tell them what they need to know. You'll never touch a 1040 form again.

Most people do not have it so easy when it comes to this decision. Taxes get more complex with the more deductions and sources of income you have. If you own a rental property, have deductions for child care, medical expenses, own your home, or have income from stocks and bonds (If you made money in this market, I want to meet your financial advisor!), you may not be filing the simplest tax forms. If your deductions total enough, you will want to itemize your deductions instead of taking the standard deduction. In English please?! The government sets a baseline for how much the average person spends in a year that would be tax deductible. This amount is called the "standard deduction". This amount is about $5,500 this year for those filing single. In other words, if you don't have any deductions, you get to claim the standard deduction. If your deductions total more than $5,500, it is in your best interest to list out all of your deductions and get the higher deduction amount.

So a good question to ask is whether you will be taking the standard deduction. If not, how complex are the deductions you will list out? Losses on investments and rental properties are much easier to list out than entering data from a form 1098 for the interest on your mortgage. The same applies to the income side. Entering a W-2 is much easier than entering all of your purchases and sales of your favorite stock. If you still have a favorite stock.

The best approach is to gather all the necessary information. You will want information on all the money you made, all the interest that was paid to you, all money you contributed to charity, and all other deductions you may have. If you think there is a chance that you may be able to handle it yourself, remember that you can enter your information on TurboTax without having to pay anything. You only pay if and when you get through the process and decide to actually file your return. You may find that it is a very manageable process. If it gets too complex, you might want to gather all of your paperwork and start the hunt for a quality tax preparer. Just beware of the fact that anyone can call themselves a tax preparer. If your taxes are complex enough to need professional help, make sure you don't trust just anyone.

Happy Tax Season!