Update 2014: Get your share of more than $1 trillion in tax deductions
The most recent numbers show that more than 45 million of us itemized deductions on our 1040s—claiming $1.2 trillion dollars’ worth of tax deductions. That’s right: $1,200,000,000,000! That same year, taxpayers who claimed the standard deduction accounted for $747 billion. Some of those who took the easy way out probably shortchanged themselves. (If you turned age 65 in 2014, remember that you deserve a bigger standard deduction than younger folks.)
Here are our 10 most overlooked tax deductions. Claim them if you deserve them, and keep more money in your pocket.