Details: You and your spouse are preparing your first income tax return as a married couple. You want to save some money and prepare the tax return yourself, so you need to gather information on the credits and deductions that are available and decide the best way to file.
Utilize the Library, Internet, and all other resources at your disposal. Prepare a list of five major deductions and two credits that can be used to reduce tax liability. Explain the deduction or credit and who qualifies for it.