Is doing your taxes productive use of your time? Not for me, it isn’t. Find an accountant you like and begin building a long-term relationship. Of course, I’m assuming that, if not already, you’ll one day move up the professional pilot ladder and generate increasing, and substantial, income. You’ll also own a home, which means you will have developed a personal relationship with your banker. As you accrue assets you’ll be forced to become more sophisticated with your investments, which means you’ll develop a personal relationship with a financial advisor. If you’re married, your wife will generate assets that need to be monitored. Children? They have their own needs, as well.
What does all of this have to do with an accountant? Why he/she, of course, coordinates all of this so that you stay legit while protecting your interests. I pay my accountant anywhere up to $300/year to keep my wife (who’s currently working and living out of state, meaning she has her own special tax needs) and me straight – and that includes two homes, plus a family summer camp that’s out of state, and substantial non-retirement income such as stock options. The money is well spent. Oh, by the way, I visit my accountant the first week of February every year and, by the time you figure out which version of TurboTax to use, I’m done. So, ask friends for a referral. You’ll never look back. Your time is too important not to.