Tax Education!

Are you interested in learning about taxes? Have you considered helping people prepare their taxes? How will your taxes be affected this tax season? When it comes time to complete your return, be sure you know which tax law changes concern your tax situation.Want to learn how tax issues affect you? We've gathered resources here to help you.

Most Overlooked Deductions

Deductions allow you to reduce your taxable income and thus reduce your tax bill. Most taxpayers are entitled to a "standard deduction" - a fixed amount that reduces the amount of income on which you are taxed.

Certain kinds of deductions are called "itemized deductions". If you have enough of them to beat the standard deduction, it is usually a good idea to itemize instead. For many taxpayers, purchasing a home is the event that makes itemizing worthwhile.

Another type of deduction is sometimes called an "above-the-line" deduction. If you qualify, you may deduct these whether or not you itemize. That means you can claim these deductions in addition to the standard or itemized deductions.

Finally, if you own your own business, there are some additional deductions that apply to you. Some of them are "above-the-line" deductions and some are claimed directly on your business schedule, called a "schedule C."

The Standard Deduction

  Single or married filing separately, $4,850.

  Married filing jointly or qualifying widow(er), $9,700.

  Head of household, $7,150.

The Taxing Side of Marriage

If you plan to get married at the end of the year, compare the amount of tax you'll pay as two single taxpayers with the amount you'll pay as a married couple. In some situations, the tax on a joint return is higher than it would be on two single returns. The closer the spouses' incomes, the larger the marriage penalty can be. Your tax professional can help in understanding how the marriage penalty might affect you.