In theory, the various off-the-shelf tax return preparation software programs that are readily available online or at department stores are able to calculate the numbers the same way that any accountant can. So why not just do your own taxes?

There is a lot more that goes into taxes than just plugging numbers into a tax return. Tax laws are complex and it is easy to make mistakes. A good accountant can find opportunities to minimize your taxes. As a person's financial picture grows more complex, he is faced with more complex financial decisions -- the ramifications of which will have a big impact on his tax burden over time.  A big advantage of hiring a CPA is the tax planning and consulting he can offer to come up with strategies that will help you save money both now and in the years to come. 

A complex financial picture might include: owning your own business (sole proprietor, LLCs, S-Corps), going through a major life change (such as getting married or divorced, changing jobs, having kids, receiving an inheritance), if you own rental property, or if you have taxable investments (stocks or bonds, mutual funds, dividend-gaining investments).

Hiring a CPA provides you with peace of mind because you can rest assured that you did not miss anything when doing your taxes by yourself.