A little off topic, but since tax season is coming besides a 529 what else is a tax deductible contribution?

[burmjohn]

A little off topic, but since tax season is coming besides a 529 what else is a tax deductible contribution?

I opened up a 529 for my baby girl, and put a few extra bucks in there along with money she received for the holidays. Its deductible against your NY State income, its not much but better then nothing. Any other tax saving tips out there? This is my first year of actually having a dependent, so hopefully we will actually get some money back. I dumped some crap stock I lost $$ on in hopes of getting an additional deduction for the losses (not much, I don't dabble with that to much). In addition I refinanced my house this year, so since most of what I payed this year is interest I should see some $ back there as well (at least I hope). I also have a bunch of receipts from donating old clothes and items to charity. And a few donations to the local fire department and EMS.

I use turbotax to do my own taxes, I was considering using a actual accountant to do them. But I'm not sure if there is a real benefit to using one? Does anyone see a benefit to using one or do you do your own taxes? Turbotax seem to be pretty complete, just not sure if I want to drop the extra few bucks to get one to find out that they are not getting my anything more then what turbotax gets me.

[13BVET]

Don't forget EIC, depending upon how much income there was for the year. The only benefit to taking your taxes to be done, by let's say-H&R Block, is if you're getting money back, and you need it fast. What a lot of people don't realize, is that, just because their taxes might be figured out by something like H&R Block, doesn't mean you're obligated to go all the way with them.

[burmjohn]

What a lot of people don't realize, is that, just because their taxes might be figured out by something like H&R Block, doesn't mean you're obligated to go all the way with them.

What do you mean?

[13BVET]

That means that you can go in there, have them do an estimate on what you're getting back, but you're under no obligation to use them.

[First-light]

The 529 has to be from NYS to be deductible on your state taxes.

[burmjohn]

The 529 has to be from NYS to be deductible on your state taxes.

Yup, its pretty good too, managed by Vanguard.

[G-Man]

I use to do my own.. then i went to an accountant a friend recomended. i got back a lot more with him and actually had him redo past taxes and got back more than i already recieved. well worth the $ . lots of loop hole deductions that they know of that change every year.. doing it yourself its nearly impossible to keep up with the changes

Edited December 31, 2011 by G-Man