Years ago, the fellow who was running the IRS at the time told Kiplinger's Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of the money-savers listed here.Cut your tax bill to the bone by claiming all the breaks you deserve -- including some you may have forgotten, and some you may have never even known about.
You can take steps before year-end to reduce your 2011 tax bill. Some actions can also cut your taxes in the future.
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Deducting business expenses isn't just for the self-employed. Taxpayers classified as employees can also deduct some of their unreimbursed business expenses.
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As an incentive to conserve energy at home, the federal government offers tax credits to homeowners who purchase energy-efficient appliances. The program is known as Energy Star. Learn more about this program and how you may benefit from it.
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Itemized tax deductions can help save you even more money during tax season if your deductions exceed the standard amount. Learn about itemizing your tax deductions with help from TurboTax in this video on annual tax filing.
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The IRS can garnish your wages if back taxes are owed, but they must follow stringent guidelines.
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Source: http://www.dailyfinance.com/2012/01/09/the-most-often-overlooked-tax-deductions/
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