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Cathy RiccioLearning to be content where life and God have placed her Cathy has learned to be thrifty and enjoy life...Read more >>
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Most Overlooked Tax Deductions PDF Print E-mail

Here are the top 19 breaks that you shouldn't pass up.

 

Every year, the IRS dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the “oops” list is forgetting to enter their Social Security number at the top of the tax form -- or making a mistake when entering those nine digits.

No doubt about it: The opportunity to make mistakes is almost unlimited, and missed deductions can be the most costly. About 48 million of us itemize on our 1040s -- claiming more than $1 trillion worth of deductions. That’s right: $1,000,000,000,000, a number rarely spoken out loud until Congress started debating economic-stimulus plans to combat the Great Recession.

Another 92 million taxpayers claim about $700 billion worth using standard deductions—and some of you who take the easy way out probably shortchange yourselves.

 

Read more: Kiplinger Most Overlooked Tax Deductions
Mark Strohm -

Mark Strohm has served a Christian School principal, Children's pastor, seminar speaker and adjunct professor.

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