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The following article was published in our article directory on January 18, 2012.
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TAX PREPARATION: AN OVERVIEW

Article Category: Finances

Author Name: chickie maxwell

Tax preparation is the method of organizing tax returns for filing to the IRS. Such process can be performed by the taxpayer himself, can be done through online or software preparation aides, or through certified tax professionals. Tax professionals can be attorneys, accountants, and both licensed or unlicensed tax preparation businesses. Tax preparers are often sought by taxpayers because it simplifies a complex process. Here are a few common questions related to tax preparation for one who wishes to do it himself.
- Accountability
- Taxpayers are accountable to file taxes if they have the following tax statuses:
- Single
- Married and filing jointly
- Married and filing separately
- Head of the family or household
- Those who want to get a refund for withheld taxes
- Those earned credits in income, child tax, health coverage, and refundable credit.
- For students, tax reduction may be obtained through the following:
- Tuition Fees. Tuition fee payments are considered income adjustments.

Student Loan. The interest assigned on student loans whose borrowers pay on time is taken as a reduction. Tax reduction in this case is only applicable to borrowers in repayment.

Earned Income Credit. This is a refundable tax credit for families or individuals who have a low income.
- Exclusions:
- Tax reduction is not applicable to scholarships, grants, and fellowships.
- Loans are not classified as taxable income.
- Factors Affecting Tax Returns

Deductions. These are expenditures deducted from the adjusted income. Three standard types of deductions are present which is dependent on your tax filing status as detailed above. The following items are considered deductibles:

For homeowners and mortgage loan borrowers, deductions should be itemized if the loan interest is higher than the standard deduction.
Income taxes that were paid to the state and the local government.
Donations to charitable institutions are deductibles.

Medical expenses that exceed 7.5% of a taxpayer's income. This includes laboratory fees and medical supplies purchased.

The cost of insuring and keeping household goods while relocating for employment, the travel cost for relocation, and lodging.

Financial losses caused by gambling.

Miscellaneous deductions like employment-related fees like union dues, tuition fees, print subscriptions, and even tax preparation fees.

Family. Dependents of married couples may be listed to reduce taxable income. Family taxes are determined on the following factors: support to the child by either or both the parents, the child's citizenship, and household member relationship. The last one requires that the dependent be a close relative.

Marriage. Couples pay more taxes than when they were single. This has a historical basis when the tax rate matrix was created at a time when married couples are rare in the society.

Children. They are also a part in reducing taxable income. This comes twofold: $750.00 of unearned income is non-taxable and unearned income within the $700.00 - $1,500.00 range has a lower tax rate.

Note that the information supplied above is mainly general guidelines in preparing your taxes. It is best to consult professional opinion or visit the IRS website for detailed information.

Keywords: tax preparation

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