Filed for an Extension? 10 Tax Savings Ideas You Can Still Use

Filed for an Extension? 10 Tax Savings Ideas You Can Still Use

Apr, 11th 2017

True or false: You can claim your broke roommate as a dependent on your taxes? Believe it or not, it's true! So long as your deadbeat friend meets the Internal Revenue Service's criteria for a dependent.

That's not the only weird exemption or deduction available to reduce your taxable income, either. Since lots of deductions require tracking paperwork and squirreling away receipts, close to 70% of tax filers take the standard $6,300 break for individuals or $12,600 for joint filers, according to the IRS. 

But everyone should consider itemizing instead, as it could uncover significant savings, Lisa Greene-Lewis, CPA and tax expert at TurboTax, told Mic.

"Sometimes you have expenses that could be itemized, and if you take the time and gather receipts it may open you up to saving much more money," she said. "Even if you don't maintain paper receipts, you can access bank and credit card statements online so you have the ability to locate your payments and get those extra deductions."

Before you file your tax returns to Uncle Sam, check out our list of deductions and other perks you shouldn't miss.

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