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Most Missed Tax Deductions You Won’t Want to Miss

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As if Monday’s weren’t bad enough, Tax Day is next Monday April 15th! We’ve got the most overlooked deductions so you don’t let money slip out of your hands this year!

I normally file my own taxes online with Turbo Tax and have never had any issues with it, but this year we decided to use one of those name brand services that offers to check your past returns for mistakes-I will never use them again, not only did they not check any previous years return, it took twice as long and cost a TON of money!

However, if you haven’t filed yours yet here’s a reminder that the deadline is a week away!

Did you know the U.S. tax code includes around 4 MILLION words and there have been around 4,500 changes to it since 2001 alone! That’s why we’ve tracked down the the five deductions and credits you’re most likely to MISS, according to “U.S. News & World Report“.

Dependents

Did you know you can write off $3,800, for every dependent you have? Apparently a lot of people don’t realize that the relative they’ve been supporting or even the friend who’s been crashing in their spare room can be claimed as a “qualifying relative”, if they made less than $3,800 last year.

The Earned Income Tax Credit

If you’re low-to- middle-income and have three dependents, you can claim a tax credit of up to $5,891.

The Child and Dependent Care Credit

If you work and have kids under 13 who go to day care, you might qualify for a deduction of up to $2,100. And you can also deduct the cost of summer camp.

Charitable Donations

Not just cash you give to charities, but if you volunteered at something like a local soup kitchen, you can deduct any money you paid for parking, and 14 cents per mile if you drove there.

Job-Search Expenses

Meaning any money you spent on printing resumes, postage, and even travel expenses, as long as the job you were applying for was in the same field as your previous job. However, job-hunting expenses for your FIRST job are NOT tax deductible.

Of course don’t take my word for it! Always check with your tax professional before following any of our advice!

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