The Tax Center

Your adjusted gross income, or AGI, is an important line item on your taxes, as it affects your eligibility for certain other tax credits or exemptions. The same is true of your modified adjusted gross income, or MAGI.

Most tax returns today are processed within three weeks, with many filers receiving their refunds even sooner. Simple errors or oversights can lead to a delay of your tax refund.

Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. You could get $3,650* off your taxable income for each dependent you claim. So who can you claim? *$3,800 in 2012.

You can claim a boyfriend or girlfriend as a dependent on your federal income taxes if that person meets the IRS definition of a "qualifying relative."

The Alternative Minimum Tax (AMT) was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. But because it was not automatically updated for inflation, more middle-class taxpayers were getting hit with the AMT each year. Congress traditionally passed an annual "patch" to address this until, in January 2013, as part of the "fiscal cliff" deal, they passed a permanent patch to the AMT.