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'Substantial tax savings:' 10 accountants reveal the tax credits and deductions Americans too often miss

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The most overlooked tax credits involve energy home improvements." — Doug Throneburg, CPA, CFP and head of wealth management at Byline Bank. "Two types of credits are ava
The article from MSN Money discusses various tax credits and deductions that many Americans often overlook, as revealed by 10 accountants. Key points include the importance of understanding and claiming the Earned Income Tax Credit (EITC), which can significantly benefit low to moderate-income workers. Other often missed deductions include those for health insurance premiums if self-employed, student loan interest, and contributions to Health Savings Accounts (HSAs). Additionally, the article highlights the Child and Dependent Care Credit for expenses related to childcare, the American Opportunity Tax Credit for education expenses, and the Saver's Credit for contributions to retirement accounts. Accountants also stress the value of itemizing deductions when beneficial, such as for medical expenses, charitable contributions, and mortgage interest. They advise taxpayers to keep meticulous records and consider consulting with a tax professional to ensure they are not missing out on potential savings.

Read the Full MarketWatch Article at:
[ https://www.msn.com/en-us/money/personalfinance/substantial-tax-savings-10-accountants-reveal-the-tax-credits-and-deductions-americans-too-often-miss/ar-AA1BGCBL ]