If getting more money on your next tax return sounds like a great idea to you, our list of easiest tax deductions and credits to claim on your return will not disappoint.
If you are anything like me, hearing the word “taxes” makes you cringe. Whether it’s taxes you pay when buying something new, taxes that are taken out from your check, or the taxes that are due when April rolls around, none of it is fun to look at. Obviously, I understand why we pay taxes and where our taxes dollars go to (whether I agree with it or not), but taxes are never fun, especially when you are in your early twenties, still trying to get your career started. Most recently, I discovered how harsh New York taxes can be on your paycheck as I’ve recently moved to the city to start a new job. Nonetheless, I guess this is all part of “adulting.” It is probably a big part of why adults would tell you not to rush growing up, when you were a kid.
As every adult knows, or should know, tax season always comes around in the late winter and early spring and taxes are due in April. As much as we all hate it, we can’t avoid it, unless you don’t mind some jail time. According to Just Facts, the federal government collected a total of almost $5 trillion in taxes from U.S. citizens. That more money than I can even picture, but it does cost a lot of money to operate the country. If you would like to learn more about what people pay in taxes in other countries, check out our list of Countries with the Lowest Tax Rates.
Since we probably all hate paying taxes and wouldn’t mind saving a little money, we have compiled a list of the easiest tax deductions and credits to claim on your return. To do this, we had to check the web for credible sources with well-written and informative articles on the matter. In this case, we sourced our information from Investopedia, Entrepreneur, and Turbo Tax. We looked for deductions and credits appearing on all the sources and included them on our list below. We used the simple averaging method to determine their ranking as it appears in this article.
So if you want to save some money next year, take a look at our list of the easiest tax deductions and credits to claim on your return.