Which tax deductions do consumers generally miss?

Millions of people across the country are still likely scrambling to get their taxes completed on time and without errors ahead of that infamous April 15 deadline. However, in hurrying to get the job done, they might overlook a number of valuable deductions which could otherwise serve to limit their tax liability and potentially put them in line for a larger refund.

Perhaps the most overlooked tax benefit available to all consumers is that they can write off as the cost of getting their taxes prepared by a professional, or even if they bought a software program to do it themselves, according to a report from the Motley Fool. While this might help them to save just a few hundred dollars, it's certainly better than nothing, and can be extremely valuable overall.

In addition, people who suffer losses due to bad investment deals such as Ponzi schemes can also write off at least a portion of this amount, the report said. While this may take a special form to obtain, taxpayers who file for such deductions may see a significant benefit from doing so.

This is also true of gambling losses, to some extent, the report said. The value of such losses can be cut from consumers' tax bills as long as they are itemizing their deductions, and the value of losses they claim cannot exceed their winnings. However, it should go without saying that consumers will have to keep careful records of these losses if they want to claim them, because doing so can very easily prompt a closer look from the Internal Revenue Service.

Other expenses that can be written off
Of course, not everyone loses money on gambling losses or investments in Ponzi schemes, but those who use their car for work, medical purposes, or moving can write off a certain amount of money per mile, depending on their situations, the report said. Likewise, those who went on job searches can write off those costs as well, also based on meeting certain qualifications.

Consumers hoping to maximize their annual deductions might want to work with a tax professional to do so, as these workers may be far more familiar with all the benefits that may be available to them, and can therefore help to boost the likelihood of their receiving a sizable return.

For a more in-depth look at Liberty Tax Service, visit the Give Me Liberty! Magazine. Follow Liberty Tax on Facebook and on Twitter or contact Liberty Tax directly at 1-877-at-Liberty.