5. Missing a tax break
While the Internal Revenue Service isn’t well known for its generosity, there are a number of tax credits and exemptions available–especially for families and students. Credits like the Child Tax Credit can minimize your tax bill by as much as $2,000, so do your research and make sure you don’t miss out if you qualify.
Also, you should think twice before deciding to take the standard deduction. Homeowners in particular should itemize their biggest deductions to see if they add up to more than the standard amount.
