TSNBDSC Posted January 26, 2010 Posted January 26, 2010 ... so many out there ... first full year of taxes with our new house ... want to reap as many benefits (and pay as little) as possible ! ... on line, disc, jeff littmann ? ... opinions please ... thanks ... tom
sullim4 Posted January 26, 2010 Posted January 26, 2010 I still do them by hand. I bought a new house this year and it's really not that hard... following the directions on Schedule A will do you good. If you qualify for the home buyer tax credit (I did not), you will have to submit a paper return because they demand your HUD-1 statement. You can still use a Turbotax-like program, but you'll have to print out your return, not e-file it.
Jim in Anchorage Posted January 26, 2010 Posted January 26, 2010 H&R block- worthless. They go back to their regular jobs as pet sitters after the 15th. Turbo tax- worthless. Hire a real tax professional-mine charges about $250 and my taxes are fairly complicated because I own rental property, but it's worth every penny and then some.
kegtapr Posted January 27, 2010 Posted January 27, 2010 H&R block- worthless. They go back to their regular jobs as pet sitters after the 15th. Turbo tax- worthless. Hire a real tax professional-mine charges about $250 and my taxes are fairly complicated because I own rental property, but it's worth every penny and then some. Real tax professional - rip-off Unless someone is in a situation like you where there are a lot of variables, the average Joe needs nothing more than Turbo Tax or H&R Block online for about $30 a return.
JÂy RÛßeÒ Posted January 27, 2010 Posted January 27, 2010 I've used H&R Block for over 5 years. My returns are not especially complicated but I do itemize and such. I know TurboTax has in the past been knocked for installing additional software (spyware?) on people's PCs without notice. This week Office Max has H&R Block Deluxe (Fed + 1 state) on sale for $34.99, and they give you a $10 gift card. Not a bad deal.
Jim in Anchorage Posted January 27, 2010 Posted January 27, 2010 Real tax professional - rip-off Unless someone is in a situation like you where there are a lot of variables, the average Joe needs nothing more than Turbo Tax or H&R Block online for about $30 a return. Admittedly, my taxes are more complicated than most, but I was going from the impression I got from the OP that this is the first time he had to figure in home ownership. Hire a tax pro the first year. Pick their brain. Learn everything you can. Then next year do it yourself.
Chef Jim Posted January 27, 2010 Posted January 27, 2010 Admittedly, my taxes are more complicated than most, but I was going from the impression I got from the OP that this is the first time he had to figure in home ownership. Hire a tax pro the first year. Pick their brain. Learn everything you can. Then next year do it yourself. I have a great CPA who gives me great advice (and the best ones had to do with paying my property and state income taxes early) that I would never have gotten from a computer program or H&R Block.
Jim in Anchorage Posted January 27, 2010 Posted January 27, 2010 I have a great CPA who gives me great advice (and the best ones had to do with paying my property and state income taxes early) that I would never have gotten from a computer program or H&R Block. Whats a state tax?
Chef Jim Posted January 27, 2010 Posted January 27, 2010 Whats a state tax? Something I can deduct from my federal taxes. Other than that......
Jim in Anchorage Posted January 27, 2010 Posted January 27, 2010 Something I can deduct from my federal taxes. Other than that...... I wonder if you could deduct sales taxes[not that I pay any ]
loyal2dagame Posted January 27, 2010 Posted January 27, 2010 Whats a state tax? a state tax iz wut we hope iz not n effect wen ralph kicks it :thumbdown:
Cynical Posted January 27, 2010 Posted January 27, 2010 I wonder if you could deduct sales taxes[not that I pay any ] For about the past 3 years (IIRC), you can/could choose to deduct state income tax paid or sales tax, which ever gives you the better deduction.
Jim in Anchorage Posted January 27, 2010 Posted January 27, 2010 a state tax iz wut we hope iz not n effect wen ralph kicks it You know this is way off the OP, but it got me thinking.[a feat in itself] The big deal with the Bills is when he dies the heirs will have to pay a large estate tax so they will sell the team to cover it. If RW is serious about keeping the team in WNY, why not sell it now with a clause the new owner[and subsequent owners] keep it where it is? So what if he has a $200 million capital gains tax hit? The $800 million from the sale would cover that nicely.
Jim in Anchorage Posted January 27, 2010 Posted January 27, 2010 For about the past 3 years (IIRC), you can/could choose to deduct state income tax paid or sales tax, which ever gives you the better deduction. I can't even imagine keeping track of [or proving, in case of a audit] all the sales tax you pay in a year. It would involve hundred's of receipts. Everything you bought from a box of pencils to a new car would have to be added up.
loyal2dagame Posted January 27, 2010 Posted January 27, 2010 I can't even imagine keeping track of [or proving, in case of a audit] all the sales tax you pay in a year. It would involve hundred's of receipts. Everything you bought from a box of pencils to a new car would have to be added up. you dont have to claim actual sales tax although you can. there are standard deductions for income and size of family
Cynical Posted January 27, 2010 Posted January 27, 2010 I can't even imagine keeping track of [or proving, in case of a audit] all the sales tax you pay in a year. It would involve hundred's of receipts. Everything you bought from a box of pencils to a new car would have to be added up. There are two ways to declare sales tax. One: Like you said. Save every bloody receipt for everything bought, and add all up the sale tax. Two: Use the safe harbor number, (an estimated amount taken from a table, and dependent upon your income), plus all large purchases (cars, boats, etc ...).
HBSS151 Posted January 27, 2010 Posted January 27, 2010 ... so many out there ... first full year of taxes with our new house ... want to reap as many benefits (and pay as little) as possible ! ... on line, disc, jeff littmann ? ... opinions please ... thanks ... tom Hire a PRO! The $250+ what they will charge will be repaid (particularly) year after year - think long term
ExiledInIllinois Posted January 27, 2010 Posted January 27, 2010 Isn't the IRS gonna start cracking down on professional tax preparers... What not... Who knows, one might get audited more if they have their taxes done by somebody else???
Just Jack Posted January 27, 2010 Posted January 27, 2010 I can't even imagine keeping track of [or proving, in case of a audit] all the sales tax you pay in a year. It would involve hundred's of receipts. Everything you bought from a box of pencils to a new car would have to be added up. My parents tried that one year, they said it wasn't worth the time involved. This was back before most people had home computers, so it was literally receipts and a calculator.
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