My wife and I had our first child last year, and my question is, what is the preferred method of filing taxes since I have this addition to our family?
Is it recommended to go to a paid tax professional or is using turbo tax/h&r block okay?
I'm in my mid 20s, in the 12% tax bracket, married with 1 child. No major assets or investments.
Your taxes are only slightly more complex than previous years. Therefore if you were comfortable doing your taxes using software last year, you shouldn't have any problems doing them this year.
Both the software and professional should use how you answer a few basic questions, and the information on your paperwork, to guide you though your options. They will calculate the different approaches and present you with the options.
One thing that you will need is a social security number for the child in order to claim them as a dependent. So If you haven't started the paper work you should do so now.
