New tax laws may complicate 2025 taxes. Should you DIY or hire a pro?

Core Viewpoint - The article discusses the options available for taxpayers regarding whether to file their taxes independently or hire a professional, emphasizing the importance of understanding personal financial situations and the complexities of tax laws. Group 1: Tax Filing Options - Taxpayers with limited income, disabilities, or elderly status may qualify for free filing programs offered by the IRS [1] - Many Americans have simple tax returns and can manage their own taxes with the help of tax software or IRS resources [4][6] - The standard deduction for tax year 2025 is set at $15,750 for single filers and married couples filing separately, $23,625 for head-of-household filers, and $31,500 for married couples filing jointly [6] Group 2: When to Hire a Tax Professional - Hiring a tax professional is advisable when facing complex tax situations, such as major life changes that may affect deductions or credits [13][14] - Tax laws are constantly changing, and individuals may miss out on credits or deductions if they do not seek professional guidance [15] - The IRS has imposed over 32,000 penalties costing taxpayers more than $162 million, highlighting the risks of incorrect filings [11] Group 3: Choosing a Tax Professional - It is crucial to select a reputable tax preparer, checking their qualifications and history to avoid "ghost preparers" who file inaccurate returns [17][18] - Taxpayers should ensure that preparers are transparent about service fees and are available for questions even after the tax deadline [18] - Preparers must sign the return and include their Preparer Tax Identification Number, as required by law [18]