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More - Mark Steber Quotes

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

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

In general, preparing a return as a married couple filing jointly may give you the lowest tax liability and the highest standard deduction, but to find the best scenario, it's wise to calculate your return both ways and see which is the most advantageous for you. For example, if both of your incomes are about the same, you may pay less in taxes by filing jointly, depending on the rest of your return. - Mark Steber Quotes

In general, preparing a return as a married couple filing jointly may give you the lowest tax liability and the highest standard deduction, but to find the best scenario, it's wise to calculate your return both ways and see which is the most advantageous for you. For example, if both of your incomes are about the same, you may pay less in taxes by filing jointly, depending on the rest of your return.

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. - Mark Steber Quotes

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.

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

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

Walk a day in my shoes.... - Mark Steber Quotes

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. - Mark Steber Quotes

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. - Mark Steber Quotes

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. - Mark Steber Quotes

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. - Mark Steber Quotes

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.

Under the old rules, each tax benefit had its own definition of a child, a qualifying child and an eligible foster child. Now, the term 'Qualifying Child' is no longer benefit-specific. Unlike prior years, the new rules have one definition for all five of the child-related benefits. - Mark Steber Quotes

Under the old rules, each tax benefit had its own definition of a child, a qualifying child and an eligible foster child. Now, the term 'Qualifying Child' is no longer benefit-specific. Unlike prior years, the new rules have one definition for all five of the child-related benefits.

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