Tax season is almost over. Have you filed your return yet, or are you still scrambling to beat the April 15 deadline for 2019? Don’t overlook these common tax deductions that could save you money.
When you hurry through your tax return, you may miss valuable deductions that could produce a lower tax bill – or even more valuable tax credits that subtract dollar-for-dollar from your tax bill. (Deductions cut your tax bill in proportion to your tax bracket.) Consider these seven tax-cutters.
1. Earned Income Tax Credit (EITC) – The EITC is one of the most powerful tax tools for low-income families – and according to efile.com, approximately 20% of people who qualify for the credit don’t take advantage of it. It’s a fully refundable tax cut – if the credit is greater than the taxes you owe, you can receive the difference back as a refund.