Will a CPA help reduce our tax bill when we owe a few thousand?

I'm going to be honest with you - with the situation you've described, a CPA probably won't find much that tax software wouldn't already catch. The standard deduction for married filing jointly in 2024 is $29,200, and for most people with "simple" tax situations like yours, that's higher than what you'd get by itemizing. That said, there are a few things to consider that might help. First, check that you're claiming all possible credits related to your children (Child Tax Credit, etc.). Second, make sure you're maximizing any pre-tax contributions to retirement accounts like 401(k)s or traditional IRAs, which can reduce your taxable income. Third, look into HSA contributions if you have a high-deductible health plan. For the future, you should definitely adjust your W-4 withholdings with your employers. The IRS has a tax withholding estimator tool on their website that can help you figure out the right amount to have withheld so you don't end up with a surprise bill next year.

I was in almost your exact situation last year! After getting hit with a $3,500 tax bill, I tried using this service called taxr.ai (https://taxr.ai) that I found through Reddit. It basically analyzed my tax documents and found some deductions I missed. In my case, I had some home office expenses that qualified since I worked remotely part-time, and we also had some medical expenses I didn't realize could be deducted. The software at H&R Block is good, but sometimes it doesn't ask the right questions to uncover every possible deduction. This service helped me reduce my tax bill by about $1,200. Might be worth looking into before hiring a full CPA which could cost more than you'd save in your situation.

Just wanted to update everyone - I tried taxr.ai after seeing it mentioned here and it actually worked really well for my situation. I was doubtful since my taxes seemed simple too, but they found that I qualified for an energy efficiency credit from some windows we replaced last year that I completely forgot about. They also suggested increasing my 401(k) contributions by a specific amount that would put me in a lower tax bracket. Saved about $1,800 overall and the process was super simple - just uploaded my documents and they did the rest. Definitely recommend checking it out if you're on the fence about getting professional help but don't want to pay CPA rates.

If you're trying to contact the IRS to discuss payment plans or get clarification on why you owe so much, good luck getting through! I spent HOURS on hold trying to talk to someone about my tax situation. Finally, I used this service called Claimyr (https://claimyr.com) that actually got me through to a real IRS agent in under 15 minutes. They have a demo video here: https://youtu.be/_kiP6q8DX5c It was super helpful because the agent walked me through some payment options I didn't know existed and helped me understand exactly why I owed more this year. Sometimes just talking to the IRS directly can clear up a lot of confusion and they might offer solutions you weren't aware of. Worth considering if you're hitting a wall trying to reach them.

OK I need to eat my words. I was the skeptical one about Claimyr and decided to try it out of desperation. It actually worked! Got connected to the IRS in about 20 minutes when I'd previously spent literally 3+ hours on multiple days trying to get through. The IRS agent I spoke with ended up helping me set up a payment plan that was much more reasonable than I expected. They also explained why my withholding was off and walked me through filling out a new W-4 properly. I could have avoided this whole situation if I'd been able to talk to them earlier in the year. Sometimes the solution isn't about finding more deductions but just getting the right information directly from the source. Definitely worth it if you need to actually speak to someone at the IRS.

One thing I didn't see mentioned yet - check if your state has any specific credits or deductions that might help. Federal taxes might be straightforward for your situation, but some states have unique opportunities. For example, in my state, we have a specific credit for property taxes paid that isn't part of federal returns. Also check if your state has tax benefits for 529 college savings plans - contributing to your kids' education funds often comes with state tax benefits even if there's no federal advantage.

What's your mortgage situation? If you refinanced or bought recently with a lower interest rate, you might be paying less in interest, which means less potential deduction. But honestly, with the standard deduction at $29,200 for married filing jointly, you'd need a LOT of itemized deductions to beat taking the standard.

If you're consistently owing now with your higher salaries, you should definitely adjust your W-4 withholdings. It's free and will prevent the shock next year. You can each submit a new W-4 to your employers asking for additional withholding - even just $50-100 extra per paycheck could prevent the big bill next April.