My wife and I are first time home buyers and we need to know how many deductions to take so as not to over pay the federal government and put that money to work for us. We also want to be careful to not under pay as well. No children. :(
2006-12-26 17:53:35 · 2 answers · asked by William C 2 in Business & Finance ➔ Renting & Real Estate
I suggest you counsel a CPA, a certified public accountant. Probably if you itemize you can claim 2 on your payroll deductions. Let the CPA do your federal and state taxes at least the first year. He will know more deductions for your advantage than you will know and could actually save you money in the long run. Do NOT go to H & R Block or some place like that to do your taxes. Trust me I know what I am talking about. A regular CPA will do better for you. Look one up in the phone book or call different ones for prices. In the long run you will be much better off financially using a CPA. I repeat do NOT mess with your run of the mill tax preparer. They are fine for short forms, but you need a CPA.
2006-12-26 18:07:21 · answer #1 · answered by ruthie 6 · 0⤊ 0⤋
Get the most recent tax book you can find and do a work sheet.
2006-12-26 17:58:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋