There are literally hundreds of ways you can use tax deductions to decrease your overall tax burden. Unfortunately, many people don’t even know these deductions exist, missing out on thousands of dollars in potential savings each year.
First, it’s important to actually remember to file your tax return – you have until April 15 to do so or you’ll face a late filing penalty. You may also miss out on the opportunity to receive a refund. In 2009, the IRS got to keep more than $917 million in refunds, since nearly 1 million taxpayers didn’t file their tax returns.
Tax deductions go much further than charitable donations and mortgage interest. Here are 5 things that you probably didn’t know were tax deductible: