Tax deductions and credits can save you money at tax time, but many taxpayers miss them because they don't realize things they do in their everyday life can give them more money back.
One thing you should know is tax deductions and credits help your tax situation in two different ways: Tax deductions can save you money by lowering your taxable income. Tax credits directly reduce the taxes you owe, and if you qualify, you can claim a credit whether you itemize your deductions are not.
Here are seven of the most-missed tax deductions and credits you don't want to overlook:
Lisa Greene-Lewis is a certified public accountant and TurboTax tax expert. She has more than 15 years of experience in tax preparation, including positions as a public auditor, controller and operations manager. For more tax-related tips, go to blog.turbotax.intuit.com.
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