REMINDER: The October 15th tax-filing extension deadline is near! In light of the looming deadline, the IRS issued a notice encouraging taxpayers to double check their tax returns for errors. Of course, some taxpayers, such as members of the military and those serving in combat zones, may have additional time to file and pay any taxes due.
Here are some deductions and credits that, according to the IRS, are often overlooked:
o Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit.
o Savers credit for low-and moderate-income workers who contributed to a retirement plan, such as an IRA or 401(k).
o American Opportunity Tax Credit and other education tax benefits for parents and college students.
o Same-sex couples, legally married in jurisdictions that recognize their marriages, are now treated as married, regardless of where they live. This means that they generally must file their returns using either the married filing jointly or married filing separately filing status.