High Five Taxes offers professional tax preparation services so easy to use, they’ll convert even the most staunch DIY tax filer. When debating between DIY tax filing or hiring a tax professional this year, consider the pros and cons of each.

DIY tax preparation is one of the most affordable ways to file taxes. That being said, there have been a lot of changes to tax laws that can affect an individual’s or business owner’s ability to prepare taxes correctly. On top of that, if a taxpayer has multiple tax forms to submit, this can further complicate the DIY tax preparation process.

If taxpayers choose the DIY route, they’ll have to navigate the new tax laws related to stimulus checks, unemployment compensation, changes to tax brackets, and retirement distribution rules — just to name a few.

In lieu of DIY filing, taxpayers can hire a tax professional to assist them with filing. However, this comes with its own challenges. Depending on the tax prep company a person hires, they could be spending significantly more money based on their state, the tax forms they need...

AUSTIN, TX, JANUARY 6TH, 2021 -- When filing income taxes for 2020, High Five Taxes is available for individuals and businesses to help prevent them from overpaying for tax return prep services. The cost of these services varies by state, so it’s essential for taxpayers to research the rates of fees of hiring a tax preparation company in their area.

About 81% of all tax preparation companies charge a flat fee for their services, regardless of how simple or complex the filing process is. The other 19% of tax preparation companies charge hourly rates, so the amount taxpayers invest in tax preparation will depend on how many forms and documents they need to file.

Not only does tax preparation cost vary by company, but it also varies by state. Individuals filing non-itemized 1040 and state returns can pay anywhere from approximately $125 to $373, while individuals filing itemized and state returns can pay anywhere from approximately $158 to $483 for tax preparation. Sole proprietors filing 1040 with a Schedule C can expect to pay anywhere from...