Your Money, Your Future
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Tax deductions and credits no one knows about

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Are you overpaying at tax time?

Not winning your NCAA bracket is one thing; unnecessarily losing your money to Uncle Sam is another.

That's effectively what happens to those who fail to utilize all possible tax deductions on their return and end up paying more than they owe. And when it comes to taxes, overpaying has a particular kind of sting.

Some are less obvious than others. For example, if you've cleaned out your closets, lost big in Las Vegas or even had a friend crash on your couch, you may be able to factor that in at tax time.

Here are some of those little-known tax deductions and credits that could lower your tax bill or increase the tax refund on your tax return.

It's not exactly a March Madness kind of victory, but it's certainly something.

— By CNBC's Jessica Dickler
Updated 5 April 2016
Originally posted 1 Feb. 2016

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