If you went to college, hired child care or moved, you may be able to deduct at least some of your expenses. See other lesser-known deductions you don't want to overlook.
Don't miss the deductions and credits that are mostly likely to yield significant tax savings. Business, home and dependents are 3 key categories.
The IRS lets you deduct either state income tax or state sales tax from your federal taxes. Most people deduct income tax, but there are times that sales tax is a better choice.
If you are supporting relatives, including adult children and elderly parents, you can deduct them as dependents. But make sure you follow all the rules.
State and local income taxes, property taxes and other levies can be deducted from your taxable income. But some of those tax breaks require you to itemize.
Normally, you can't deduct the cost of staying well from your taxes. But if a doctor prescribes exercise for a specific medical condition, your dues could net you a tax break.
A dependent doesn't have to be a relative or even live with you, but you do have to provide more than half of his or her support and meet other criteria.
One easy way to lower your taxes is to take all the tax breaks you're eligible for. Check out this list of commonly overlooked deductions.
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