Should You File Your Own Taxes in 2023? Ask Yourself These 3 Questions to Find Out

They're important ones to run through.

Although taxes are not due this year until April 18, the IRS will begin accepting tax returns at the end of January. And so it's not too soon to start thinking about filing your return.

But should you file your taxes solo or hire a professional? The benefit of going the latter route is being confident that you're filing your taxes correctly. And a tax professional might manage to get you a higher refund -- not by breaking the law, but by being more familiar with the tax code than you are.

But there's a cost involved in hiring a tax professional, and it's one you may not want to bear -- especially at a time like this, when living expenses are up across the board due to inflation. And so you may decide to just tackle your taxes on your own. But before you make that call either way, ask yourself these three important questions.

1. Do I have income from more than one source?

If your sole source of income for 2022 was a salary you collected at work, then you can probably do your taxes on your own. After all, all you really need to do is copy a single number from the W-2 your employer provides you with and call it a day.

But if you have multiple sources of income to report, then hiring a tax professional could be a smart bet. Many people picked up side hustles in 2022 to cope with inflation. If you went that route, getting help with your taxes could be in your best interests.

2. Do I have business expenses I'm looking to deduct?

If you own a small business or are self-employed, there are certain expenses you may be eligible to deduct on your taxes. These include everything from the cost of traveling to see clients to the cost of buying tools and office supplies to get your work done.

If you're in a position where you're able to deduct business expenses, then it pays to hire a tax professional for assistance. That person can guide you through the deductions that are legitimate versus those that are not. And a tax professional might identify expenses you never would've thought to write off.

3. Am I itemizing for the first time?

If you're used to itemizing on your tax return, then you may not need the help of a professional this year. But if you're itemizing for the first time, then it wouldn't hurt to get assistance.

Let's say you bought a home in 2022. You may now be eligible for a host of new deductions, like the interest on your mortgage and property taxes. But you don't want to get those deductions wrong. And hiring a tax professional will help ensure that your return is as accurate as you want it to be.

There's no rule stating you must spend money on a tax professional to file a correct return. But before you make that decision, run through these questions. You may decide that getting help is worth it for the stress relief aspect alone, and there's nothing wrong with that.