Daily Money Tip: Learn at meetings how to watch the markets

Rita Miller, who helped found Better Investing in Philadelphia, the local chapter of a national investment-education club, said the best thing she's learned about the markets is "not to watch them every day."

Good advice, especially after Monday, when the Dow Jones index tumbled 326 points, or 2.1 percent, the biggest one-day sell-off in more than seven months, on concerns about a sluggish U.S. economy.

Miller invites the public to Better Investing's Philly chapter meetings the second Saturday of every month. The next meeting is scheduled for Saturday at the Norristown regional library from 9 a.m. to noon and is open to all. There is no charge or prerequisite. To attend, register with Gloria Mankonen of Better Investing, 215-796-1214, or e-mail the group for information at contact@philly.betterinvesting.net.

Joining is free, although new members are encouraged to buy a software program that teaches them financial-statement analysis. For more information, visit the nationwide organization website (http://betterinvesting.org).

Tax season is upon us, so for one new guide to taxation, visit accounting firm EisnerAmper's website (http://goo.gl/drrZkc). The guide includes all major tax-law changes through 2013, including the Affordable Care Act's health-insurance tax on earned income for individuals and the Medicare Contribution Tax on net-investment income.

Jackson Hewitt, another national tax-preparation firm, notes that relationship status can affect what you owe. There are five filing statuses - single, married filing jointly, married filing separately, head of household, and qualified widow - and choosing the right one can save you money.

Are you a single parent? Then you can usually claim "head of household" filing status if you are the only adult in the household, provided you pay more than half of the cost of running the home (such as rent, utilities, and food) and have dependent children or other relatives. Of the five statuses, this has the second-highest standard deduction amount and the second-lowest taxes, according to Jackson Hewitt.

However, if the single parent is still married and has not lived apart from his or her spouse for the last half of the year, or the dependent is a relative other than a child, the taxpayer doesn't usually qualify as head of household and instead must file as "married filing separately," which has the lowest standard deduction and the highest taxes.