It’s tax season. Many Americans and Canadians only have a couple of weeks until tax returns are due. It’s likely that at this time tax filers are scrambling at the last minute searching for records, documents and perhaps even time to submit it to the Internal Revenue Service or Canada Revenue Agency.
It is estimated that tax filers lose out on approximately $1 billion because they make errors, ignore credits and deductions and don’t study the documents carefully enough. If you earn a considerable sum and you have dependents, a house and other aspects then seeking out a tax professional might be the right idea.
If you’re stuck in your own ways then be sure to look out for some of these common tax credits and deductions that are usually missed out. Remember, by taking advantage of them you can lower your tax bill and receive a heftier refund.
- Charitable contributions
- Work-related expenses
- Child care credits
- Moving costs
- Retirement tax savings
- Tuition and related fees
- Energy efficient home improvements
- Low-income tax credits