20 ordspråk av Mark Steber

Mark Steber

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This means that a couple with a joint taxable income of $80,000 this year will have $13,336 in tax, saving $145 from the previous year. Also, the standard deduction for married couples filing jointly has increased to $10,000 in 2005, from $9,700 in 2004. This change will be most significant for couples that do not itemize their deductions.

The AMT is not just a tax that rich people pay anymore.

I'm constantly surprised how many people don't realize that if you're self-employed today, you're able to deduct 100 percent of the health-insurance premiums paid for yourself and your family.

It's a myth that it's too late to get your return done.

You won't have to worry about the stamp falling off.

It's important to get started early, get organized and use all the tools at your disposal to maximize the size and speed of any tax refund you may get.

If you owe money, it's just as important to be organized and get started early to reduce the amount of liability and find overlooked deductions.

It's a year of limited big tax changes, but an awful lot of smaller changes that affect a lot of taxpayers.

Non-cash donations are one of America's most overlooked tax deductions.

Many times, certain deductible expenses are overlooked. Be sure to keep track of all of your travel expenses, including transportation, parking fees, ferry fees, tolls, lodging, meals and other incidental expenses. An important point to remember about military differential pay is that while the income is taxable, this pay is not considered wages and is not subject to Social Security and Medicare taxes. So it's important that military taxpayers ensure that their employers treat these earnings correctly.

Walk a day in my shoes....

You should calculate your tax return both ways (including and not including combat pay as earned income for EITC purposes) to determine which option gives you the best result. Alternatively, combat pay is included as earned income when calculating the refundable portion of the Child Tax Credit.

The unique thing about both of the disaster acts is you do not have to be a victim to somehow be affected.

If you do a little homework on the front end, it can pay some dividends at tax-preparation time, and it can put some money in your pocket.

For example, children not related to the taxpayer who live with both the taxpayer and a parent will generally not qualify as a dependent for the taxpayer.

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