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Carefully-implemented income tax deductions offer taxpayers many creative ways to shave dollars off their taxable income totals. However, there are many rules for claiming deductions, and this makes it easier to commit costly mistakes.
• Lists all of the commonly claimed tax deductions (see below)
• Describes how each tax deduction works
• Explains how easy it is to claim deductions when you e-file
If you want to avoid costly mistakes, while at the same time taking advantage of all credits and deductions, you'll want to do your taxes with TurboTax this year.
TurboTax helps you work quickly and easily, and it double-checks your return to help you get the largest possible refund. You can even file your state taxes at the same time, and get your state refund (which may be substantial) much faster than if you mail a paper return.
By itemizing your deductions, you may find that you'll save much more money than you would by just taking the standard deduction.
But beware: itemizing deductions can be tricky, and can leave you open to making the sort of mistakes that lead to penalties, or worse, trigger the dreaded audit.
Well, okay, it's not quite that dire. But itemizing does add an extra level of complication to your tax return - so proceed with caution. Read our expanded guide to itemizing tax deductions to learn more.
And finally, we also explain the dreaded Alternative Minimum Tax, also known as the AMT which kicks in in certain situations when too many deductions are claimed.