Don’t Miss These Commonly Missed Tax Deductions and Credits

Tax Deductions and Credits

No one likes to feel like they’re missing out. Especially when it comes to opportunities to pay fewer taxes. As this year’s tax deadline approaches, let’s take a look at some of the most commonly missed tax deductions.

It would make sense that the most commonly missed tax deductions are the most popular. After all, the more people that can utilize them, the more they are missed. Tax deductions like home mortgage interest, taxes (state and property), and charitable donations surely make this list.

But that’s likely not what you’re interested in. You want to know about those less-publicized tax deductions that you might be missing.

Above-the-line deductions that literally help you save

While every missed tax deduction is potentially a missed opportunity to save on your tax bill, some deductions are also great savings vehicles designed to help you in other ways. I’m talking about the deductions for contributions to a Traditional IRA or Health Savings Accounts.

Some of the other above-the-line tax deductions that you don’t want to miss include:

Educator Expenses

Student Loan Interest

Moving Expenses

Itemized Deductions

When you file your tax return, you have a choice to use the standard deduction or itemize your deductions. Many people mistakenly take the standard deduction each year when they could be paying fewer taxes by itemizing their deductions. If you’re itemized deductions are more than the standard deduction, then you should itemize. For most people, the 2013 standard deduction is:

$6,100 Single or Married filing separately
$12,200 Married filing jointly or Qualifying widow(er) with dependent child
$8,950 Head of household

If you’re close to being over the standard deduction threshold don’t forget your receipts for :

Energy Efficient Home Improvements
Child Care Expenses
Charitable Donations
State Sales Tax

This may help push you over the threshold and maximize your tax refund when you sit down to prepare your taxes.

Don’t worry about figuring out whether or not you’re eligible to take the standard deduction or itemized deductions and forgetting these tax deductions and credits.  TurboTax will give you the tax deductions and credits that give you your maximum tax refund and remind you of these tax benefits and more.

Comments (3) Leave your comment

  1. The comment above indicates we should continue to keep state sales tax receipts. Has the state sales tax credit been reinstated for 2014?

    1. Hi Jodi,
      The Earned Income Tax Credit is a refundable tax credit available to taxpayers with low to moderate income. Depending on your income you get a credit if you earned income working either for an employer or from self-employment. Your credit varies depending on income and whether or not you have dependents. Please see our blog post for more information on credit amounts and income requirements

      http://blog.turbotax.intuit.com/2014/01/31/eitc-awareness-day-common-questions-about-earned-income-tax-credit-answered/

      Thank you,
      Lisa Greene-Lewis

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