NEW YORK (CNNfn) - The big tax news this year, of course, is the president's $350 billion tax cut.

The changes widen the 10 percent tax bracket and lowers tax rates for other brackets.

The usual advice -- grab all the deductions you can, while deferring income -- still applies this year, though the devil is in the details.

There are many to keep an eye on, including changes that affect married couples, investors and savers.

Here's what you need to know:

CNNfn's Gerri Willis shares five tips on what you should know about year-end tax planning. Play video (Real or Windows Media)

1.) Good news for investors

The president's plan cuts taxes on long-term capital gains and dividends to a maximum of 15 percent. That's the good news.

Here's the tricky part: Income you might have thought qualifies as a dividend may not, including the so-called "dividends" from money market funds and bond funds.

Dividends from most preferred stocks are also not included. And don't forget you'll have to meet holding period requirements. For the lowest possible impact, try to match gains with losses.

2.) The marriage break

The standard deduction for joint filers is now exactly double the amount for single filers. So for joint filers, the standard deduction is now $9,500.

If you or your spouse has been unemployed this year, you can deduct their job-search related expenses if they exceed 2 percent of adjusted gross income. Jobless benefits however are taxable.

3.) Give it away

This is the time of year to make charitable deductions. Deloitte & Touche suggests you have a receipt for any gift; any gift over $5,000 other than cash or stock requires an appraisal.

And, if you're giving a big ticket item -- like a car -- remember that a Kelley Blue Book value does not count as an appraisal.

4.) Don't forget your refinance

If you got a sweet refinance deal, it may cost you. Because a lower rate of interest lowers your mortgage payment, it also means you can deduct less from your taxes.

For many people, that means they may not be withholding enough from their taxes.

Remember, if you took out a home equity loan or line of credit you can also claim an itemized deduction for interest up to $100,000 worth of home equity debt.

5.) Beware the alternative minimum tax

Lower rates means that more people may be subject to the dreaded Alternative Minimum Tax.

This tax -- actually an entirely separate tax system -- will undoubtedly boost your tax bill, possibly dramatically.

Taxpayers should run both calculations (your accountant or even a good tax software program can handle the math). You are obligated to pay the higher of the two taxes.

People most at risk for paying AMT are those in high-tax states with high numbers of deductions. If you determine that you have to pay AMT, consider taking fewer deductions.

Question follow up: What are my chances of getting an IRS audit?

In the past they were pretty low, in fact, just one in every 175 taxpayers was audited. But the IRS says that's all changing this year and they intend to go after tax cheats.

The biggest mistake that individual filers make that gets the attention of the IRS: failing to sign your return.

(Click here for the most common mistakes income tax filers make.)