Deductions Many Forget to Claim
JACKSON, Tenn- Wednesday was the first day to file taxes with the IRS, making it a busy day for local tax preparers. Experts said do not be in too much of a rush that you overlook many tax breaks that could help you save money.
Willie Morgan, of Morgan Tax Service, said among the credits and deductibles people miss are the education credit. College students can receive credit up to $2,000 for being a dependent.
Morgan also said if you are single, at least 24-years-old, with no children, you could qualify for a small credit of up to 250 dollars.
Other credits include out-of-pocket charity expenses and job-hunting costs. Morgan advises taxpayers to do their own research before going to get their taxes filed.
"Get in the tax law books so that you'll know what to do or get a good tax preparer that will answer all of your questions and work with you," said Morgan.