Filing an taxes return is a pursuit that rolls around once a year so keeping track of requirements and guidelines is key to a successful season. Whether you are just getting started or in the middle of the process below are 10 things that needs to be know about income taxes. Contributing an insurance deductible $1,000 will lower the taxable income on the $30,000 12 months person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 each year person, his taxable inc...