About two-thirds of all taxpayers do get a refund from the IRS, yet, that check could be bigger if some of the following easy-to-miss deductions are not taken.
Did you get a new job, and did it require you to relocate? If so, you may be entitled to a deduction. Here’s how it works: If you needed to move over 50 miles for your new job, you can get a deduction for the moving expenses, including the gasoline and moving van. Richard Baum of Anchin Block & Anchin says that even if you are just starting your career this rule applies.
“Moving expenses for someone’s first job are deductible,” says Anchin CPA and partner Baum.Anchin experts also point to the Earned Income Credit. This credit is huge, but only about 20 percent of eligible taxpayers take it. It is for low to moderate income earners, but many of these families don’t realize that their income falls underneath the qualifying limit. In 2015 families with three children could earn up to $53,267 and claim the credit, while single parents with one child can earn up to $39,131 and claim the credit. Even better, the earned income credit is a refundable credit, meaning that you can get those big tax credit amounts even if you have no tax liability.