Why pay an accountant?

It’s the most wonderful time of the year for accountants as W2s arrive in the mail and people start to do their taxes. Accountants love college students because we are easy to handle. We have one or two W2s and we don't have many deductions. For the first time in my life, I filed my own federal tax return, and it was as easy as my coworker Susan said it would be.

If you have a simple return, there is no need to pay an accountant, other than a need to stimulate their balance sheets. Economist Austin Goolsbee is a Professor of Economics at the University of Chicago and is a member of President Obama`s Council of Economic Advisers. In a paper he wrote in 2006, he describes a Simple Return.
Goolsbee writes, “Around two-thirds of taxpayers take only the standard deduction and do not itemize. Frequently, all of their income is solely from wages from one employer and interest income from one bank.” That sounds pretty much like the average college student. In the N.Y. Times, Steven D. Levitt, estimates that as many as 40 percent of Americans could be covered by Goolsbee`s Simple Return.

Why should we pay an accountant to file a simple return? Anybody who can figure out how to register for classes on-line, or can navigate ESU`s phone system can easily handle the task of filling out their taxes. I used the free software on H&R Block`s website to do my taxes and it guides the user through every step of process. The software is extremely user friendly and automatically double checks your numbers. The website tries to get you to upgrade your package for a modest fee of $99.95, but it is not needed.
The main reason to pay an accountant to file a simple return is fear. Fear of an audit, fear of a mistake, fear of numbers, fear of failure, and fear of the I.R.S. Accountants are wonderful people and they serve a vital purpose in our economy, but a majority of college students do not need them for a simple tax return. If you have a complex return, two or three W2s and multiple deductions, then I highly suggest you seek professional guidance to maximize your return and hedge your bets.

I will be getting my tax return deposited into my bank account around February 16th and sometime around the 18th, my return will be given to East Stroudsburg University. I`m sure that Enrollment Services is happy to hear that I saved a couple of bucks, which they will be receiving, but for those of us who have their tuition settled, a couple of bucks can go a long way. The $99.95 that H&R Block wanted, would go a long way, when it comes time to buy books for next semester or whatever else your heart desires. Benjamin Franklin once said, “A penny saved is a penny earned” and in the midst of this Great Recession, a few pennies can go a long way.

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