TERRE HAUTE, Ind (WTHI) - Let's be honest, tax season is a pain; but, there is a silver lining in the refund.
However, if you don't know your deductions, you could be missing out on a lot of money.
With just a few clicks of a mouse and filling in a few boxes, your taxes can soon be done for another year.
However, many people are missing out on hundreds or even thousand of dollars!
One of the biggest mistakes is families not claiming the Earned Income Tax Credit.
While it's specifically for low income people, millions in the middle class now apply if they lost their job, took a pay cut, or worked fewer hours.
"That is a big one," said Michael Perkins from Larrison's Tax Service. "The IRS estimated that one out of four people that file their own taxes miss that, and it is almost $6,000."
Another big write-off is child care. Up to $6,000 can quality for this credit, which reduces your tax bill dollar for dollar.
If you're paying student loans, make sure you list your interest. A child not claimed as a dependent can qualify to deduct up to $2,500 of student loan interest paid by mom and dad.
Moving expenses to your first job can also be deducted, as well as 23 cents per mile if the haul is over 50 miles.
Even your job hunting costs can be claimed, as long as they exceed 2% of your adjusted income.
Additionally, if you've done any energy saving changes to your home, you could get some money back. Those home improvements can provide up to 10% back up to $500.
Finally, don't forget about your charitable contributions. Everything from the big donations down to the stamps to send them in can be claimed. Even your gas can be claimed to the tune of 14 cents per mile.
"If you don't know about these deductions and things you can take in certain situations and your circumstances, you could miss a bunch a money," said Perkins.
Remember, even if you can't use these deductions this year, put a plan in place to save them for next year!
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