20 Most-Overlooked Tax Deductions, Credits and Exemptions

Want to lower your tax bill? Then don't miss these frequently overlooked tax breaks.

picture of stick men breaking letters that spell "tax breaks"
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You need to claim all the tax breaks you're entitled to if you really want to cut your tax bill to the bone. Unfortunately, though, people often overlook great tax-saving opportunities because they simply don't know about them. The tax laws are changing all the time, which makes it even harder to keep up on the latest tax deductions, credits and exemptions. And you're completely out of luck if you don't discover the write-offs you qualify for before the applicable amended return deadline has passed.

Don't let that happen to you! Check out our list of 20 frequently missed tax breaks. You may uncover a hidden gem that turns your 2021 tax return into a money-saving masterpiece.

Kevin McCormally
Chief Content Officer, Kiplinger Washington Editors
McCormally retired in 2018 after more than 40 years at Kiplinger. He joined Kiplinger in 1977 as a reporter specializing in taxes, retirement, credit and other personal finance issues. He is the author and editor of many books, helped develop and improve popular tax-preparation software programs, and has written and appeared in several educational videos. In 2005, he was named Editorial Director of The Kiplinger Washington Editors, responsible for overseeing all of our publications and Web site. At the time, Editor in Chief Knight Kiplinger called McCormally "the watchdog of editorial quality, integrity and fairness in all that we do." In 2015, Kevin was named Chief Content Officer and Senior Vice President.