Prepare for next year.

You have several options for filing federal and state taxes, each with its own pros and cons:

Self (with paper, free file or using commercial tax software)

Pros:

• Free* or low cost
• More secure, as you keep control of your information and identity
• Using tax software may give you ideas for future tax savings

Cons:

• Errors or costly mistakes
• Missed deductions or credits
• Tax software may be too costly or confusing

Parents (with paper, free file or using commercial tax software)

Pros:

• Same as filing by yourself
• Experience can help avoid mistakes

Cons:

• Same as filing by yourself
• Possibility of straining relationships

Tax Preparation Professional

Pros:

• Expert advice
• Can offer tax-saving suggestions
• May guarantee your filing in case of audit (but you are still responsible for your return, even if someone else prepares it)

Cons:

• You give up control of your information and identity
• Costly**
• You need to schedule ahead of time
• Need to ensure the person or firm has good reputation

*Depending on your income, you may be eligible for free filing through the IRS Links to an external site. for federal taxes.

**The Volunteer Income Tax Assistance (VITA) program Links to an external site., offered by the IRS, is available for low- to moderate-income taxpayers and elderly taxpayers (age 60 and older) to prepare federal taxes.

If you need more help, the IRS has set up this Tax Information for Students Links to an external site. website.

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