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Should You Prepare Your Own Taxes?


— February 13, 2023

If a person has any kind of investments such as stocks, real estate, trust accounts, or bonds, they may want to speak with either tax lawyers or estate planning lawyers.


Tulsa, OK – There can be a great amount of variability in terms of what people need to do to file their taxes properly. Those who are employees of a company with only one job can file their taxes fairly easily, and there are a number of programs that can guide a person through the process. However, if someone has investments and other assets, if they are self-employed, own a business, or have multiple jobs, their tax situation tends to become much more detailed. Lawyers who focus on taxes are a valuable resource for those who have unresolved tax issues, especially if these problems can result in large fines or criminal charges. 

Simple taxes 

A person who has one job and no other tax concerns tends to have simple taxes. People who are filing based on their W-2 form from their employer without any other matters to handle can usually find a program online to do most of the work for them. Their taxes are straightforward if they are not claiming deductions, they did not purchase a home, and their income is limited to one place of employment. Tulsa tax lawyers or other tax professionals may not be necessary for those in this situation. However, it can still be beneficial to get advice if any problems come up or there are uncertainties. 

Gathering information can be crucial

Calculator, pen, and paperwork; image by Stevepb on Pixabay.com.
Calculator, pen, and paperwork; image by Stevepb on Pixabay.com.

Those who are preparing for tax season should get all of the info and documents that they will need to file. This can include forms like W-2 and 1099 related to any jobs or other sources of income, but also documents from major purchases, business expenses, student loans, or anything else that can potentially affect the tax situation. Anyone who does not feel comfortable sorting through this information on their own may want to talk to Oklahoma tax lawyers before they receive late fees or other penalties from the IRS. In most cases, it will be more cost effective in the long run to have tax issues handled by professionals than to deal with the IRS for months or years due to tax errors or omissions. 

Investments and filing taxes

If a person has any kind of investments such as stocks, real estate, trust accounts, or bonds, they may want to speak with either tax lawyers or estate planning lawyers. There can be a number of tax consequences related to investments, especially if the individual needs to report money obtained from these investments as income. Even those who are living off of investments exclusively still need to file taxes and pay based on the amount they received. 

Advice from a local attorney

USAttorneys.com is available to help anyone who needs more advice about taxes or any other matters. The site provides attorney referrals to those who call 800-627-3103.

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