That’s right: $1,200,000,000,000! That same year, taxpayers who claimed the standard deduction accounted for $747 billion. The most recent numbers show that more than 45 million of us itemized deductions on our 1040s-claiming $1.2 trillion dollars’ worth of tax deductions. Subscribe: Apple Podcasts | Spotify | iHeartRadio Get your share of more than $1 trillion in tax deductions See the 10 most common deductions taxpayers miss on their tax returns so you can keep more money in your pocket.įor information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post. Don't overpay taxes by overlooking these tax deductions.
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