09 Jun I have a simple tax return. Do I need an accountant?

Q. I have a simple tax return. Just Social Security and IRA distributions (I’m 62). Is there any benefit to me using an accountant instead of FreeFile?
— Planning ahead

A. It’s a great question.

There are many ways you can file your tax return, and the specifics of your situation — and how much time you personally want to spend preparing it — are the keys to your question.

Indeed your tax situation is about as simple as it can get, Neil Becourtney, a certified public accountant and tax director with Smolin, Lupin & Co. in Red Bank.

But, he said, an astute tax preparer might identify some New Jersey tax savings that you might be overlooking.

For example, he said, you can deduct medical expenses to the extent they exceed 2% of your New Jersey gross income.

“Whereas up to 85% of your Social Security benefits can be subject to Federal income tax, they are expressly nontaxable for New Jersey purposes so if your out-of-pocket medical expenses exceed 2% of your taxable IRA distributions, you will obtain a New Jersey deduction,” he said.

Then, if you are a homeowner, up to $15,000 of real estate taxes paid on your principal residence are deductible and if you are a renter, 18% of the rent paid on your principal residence are likewise deductible, he said.

“A tax preparer might also advise you on paying your income taxes via withholding on either your Social Security benefits or your IRA distributions or from both or alternatively making quarterly estimated tax payments,” he said.

So while you can do it on your own, depending on the specifics, it may be worth a consultation with a tax preparer.

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This story was originally published in June 2025.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.