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Good Morning America: TurboTax vs Accountants

To see which method gives tax filers the "biggest bang for the buck", ABC's Good Morning America recently compared three popular tax preparation services:

1. TurboTax
2. H & R Block
3. Personal accountant

In declaring TurboTax the "winner", the 4-minute video glossed over several important tax-related items.

The first is that true tax planning cannot happen in a 3-hour stint in front of a computer.  Tax planning a year-round activity.

The second is that all personal financial decisions should be evaluated for their tax implications.  That can't happen without a personal accountant that knows your tax history and understands your financial goals.

The third is that filing income taxes is a personal event.  The "winning" tax preparation method for the family on TV may not be what's best for your family.

If you'd like a referral to a trusted accountant, please ask me.  Filing your taxes for cheap today does not mean it will be the lowest cost to you long-term.