Millions of Americans are leaving real money on the table every tax season—often because they don’t realize how many credits they actually qualify for, The Wall Street Journal writes.
There are five commonly missed tax breaks that can reduce a filer’s bill dollar for dollar, not just shave a percentage off taxable income. Among them: a little-known retirement savings credit that can be worth up to $2,000 for married couples, credits for child and dependent care that include summer camps and elder care, and the lifetime learning credit for graduate school, trade programs or continuing education.
Homeowners may also still qualify for energy-efficiency credits covering audits, windows, furnaces and heat pumps, while low- and moderate-income workers frequently miss the refundable earned-income tax credit—even though it can reach more than $8,000 for families with three or more children.
Understanding eligibility rules and filing the right forms could mean hundreds or even thousands back in your pocket this spring.
