taxes.....

[mfp4073]

I am considering either buying the tax software, taking it to H&R block, or finding someone to do my taxes. I purchased a home at the end of the year and am to believe that some of my expenses can be deducted and get credit for. So heres my question(s). Better to buy the software (how much does turbotax cost anyway), to take it to the "Block", or find some seedy looking guy operating in a backroom with one of those green visor billards hat, a full ashtray, and roundrim glasses?

 

[chrisstie]

What kind of insurance do you have? I think we got Turbotax free through State Farm.. might want to check with your agency?

 

[mfp4073]

I have state farm for my car insurance and citizens for my house insurance. Why would state farm give out turbotax for free?

 

[chrisstie]

Kevin says if you sign in at http://www.statefarm.com/ there's a link on the left hand side with info about it

 

[flfirefighter13]

check the irs website I know as of a few years ago they had links to sites that where essentially the turbotax software and you could use it for free as long as you made under a certain amount, IIRC it was pretty high. If it where me I would be hireing someone to do your taxes. there are alot of legal deductions that accountants will find that software misses and the block has no clue about. A few years ago I had afriend that worked for HR block a few years ago, most of them go through a quick class then just use the software that you would. For an example I used turbotax last year to figure my return, then went to my accountant, TT said I would get around 800 back, my accountant got me close to 2500 fully legal, well worth the investment not to mention not haveing to do it myself.

 

[jay24k]

It's free with turbo tax and Taxact.com. The ONLY way you will save on your taxes with buying a house are with the following:

1. Interest paid that year
2. Taxes paid that year
3. Any points you paid.

If that is high enough to beat your starndard deduction go for it. Otherwise, I wouldn't bother. There is a trick in the future to maximize your tax deduction on your house.

This year I won't pay my taxes till January 1st of the following year in 08. In 08, I will pay the taxes in Novemeber like normal. Now I have twice as many taxes in one year thus dropping my deduction down very far.

 

[InLimbo87]

Sounds to me like you will be using the standard deduction because you bought a house late in the year you probably won't have enough RE taxes/ mortgage interest to exceed the standard deduction. If I were you, I would just go with turbotax or a simple tax program. Paying someone (especially H & R Block), would not be worth the money.

 

[InLimbo87]

But, if your looking for a good accountant, shoot me a pm and i can see what I can work out for you for pricing. (I work for a CPA firm down by Universal).

 

[mfp4073]

really I am looking to do is get credit for the points, taxes, and anything else related to the closing. It was the end of dec, so stuff like intrest paid and whatever isnt really a priority. I have seen the turbotax at about $44. How much does it cost for a fairly simple one like mine through a cpa?

 

[InLimbo87]

I believe our fee is usually 150-200 ...

 

[mfp4073]

I dont know about $200. I am pretty normal, no odd or unusaul places for deductions that I can think of. I own all my own cars, do my own work on them. Dont spend crazy amounts of money on work only clothes or use my car for business. Amost no medical expenses other than a couple of trips to the doctor a year. Unless I can come up with a way to deduct cat food and fishfood then it does not sound like the extra cost would give me a net gain. The turbotax would only be $45 so even if it gave me nothing extra, then I would only be out a total of that $45.