At last count, upward of 45 million Americans itemized deductions on their 1040 forms, claiming $1.2 trillion in tax deductions, according to automated DIY tax-preparation firm Intuit TurboTax. By way of comparison, taxpayers claiming a standard deduction accounted for $747 billion. If you took what Intuit called "the easy way out" by taking the standard deduction, or just didn't know about all the itemized deduction options — as well as tax credits — available to taxpayers, you may have seriously shortchanged yourself and given Uncle Sam an undue bonus. CNBC.com shares the top overlooked tax deductions according to both Intuit TurboxTax and Bankrate.com.
— By CNBC.com's Kenneth Kiesnoski
Posted 8 February 2017