The 10 Most Overlooked Tax Deductions

1. State sales taxes.
2. Reinvested dividends.
3. Out-of-pocket charitable contributions.
4. Student loan interest paid by you or someone else.
5. Moving expenses to take your first job.
6. Child and Dependent Care Tax Credit.
7. Earned Income Tax Credit (EITC)
8. State tax you paid last spring.

Did I forget anything on my taxes?

When you’ve omitted information on your return, the IRS allows you to file an Amended U.S. Individual Income Tax Return called Form 1040X. However, you can’t e-file amended returns; they’ll have to be submitted in paper form, which increases the wait time by weeks for any potential changes in your refund.

15 Overlooked Tax Deductions You Might Not Know About

• Child Care.
• State Sales Tax.
• Out-of-Pocket Charitable Contributions.
• Student Loan Interest.
• Moving Expenses For a Job.
• Reinvested Dividends.
• Earned Income Tax Credit (EITC)
• State Tax You Paid Last Spring.

What happens if I Forget to file my income taxes?

Penalties start at five percent of the owed amount, but if you file late more than once that percent will double. Even worse yet, if you fail to file at all more than once, you will be hit with a twenty percent penalty.

What to do if you haven’t filed your tax return?

If you haven’t filed your federal income tax return for this year or for previous years, you should file your return as soon as possible regardless of your reason for not filing the required return. If you need help, check our website. We have tools and resources available, such as the Interactive Tax Assistant (ITA) and FAQs.

What happens if you don’t file your taxes by the due date?

If your return wasn’t filed by the due date (including extensions of time to file): You may be subject to the failure-to-file penalty, unless you have reasonable cause for your failure to file timely.

Do you have to file a tax return?

If you’re not sure whether you’re required to file a return, visit Do I Need to File a Tax Return or refer to Publication 17, Your Federal Income Tax (For Individuals). If you’re required to file and owe a balance, but you can’t pay all the tax due on your return, the IRS may be able to help you establish a payment agreement.