This write-off makes sense primarily for those who live in states that do not impose an income tax. We’re lookin’ at you, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Claim them if you deserve them, and keep more money in your pocket. Here are our 10 most overlooked tax deductions. (If you turned age 65 in 2022 or earlier, remember that you deserve a bigger standard deduction than younger folks.) Some of those who took the easy way out probably shortchanged themselves. That’s right: $1,200,000,000,000! That same year, taxpayers who claimed the standard deduction accounted for $747 billion.

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. Get your share of more than $1 trillion in tax deductions In the year you pay off the loan, you get to deduct all the points not yet deducted (unless you refinance with the same lender). When you refinance a mortgage, you can deduct the points you pay over the life of the new loan.If you’re an active duty military member who’s relocating, you can deduct unreimbursed moving expenses as long as the move is permanent and was ordered by the military.Small charitable contributions, including the 14 cents per mile deduction for driving you did for charitable work, can be added to charitable gifts you made during the year by check or payroll deduction.Typically, the income tax deduction is larger, but if you purchased a big-ticket item such as a vehicle, boat, or airplane, the sales tax might be larger. When you itemize deductions, you can deduct either your state and local income taxes or your state and local sales taxes.Subscribe: Apple Podcasts | Spotify | iHeartRadio

Family tax write offs