Changes to 2012 Tax Season, Standard Deduction Increase

Have you ever wondered how your tax preparer comes up with the end result of the taxes owed or refund due on your tax return? Well, one very important factor is the Standard Deduction or Itemized Deductions. All taxpayers have the option of either taking the standard deduction or itemizing their receipts on their tax return. If you itemize it’s because you paid out real estate taxes, property taxes, medical & dental expenses, and a [...]