Tax season is a stressful time of year for many Americans, especially as the tax filing deadline draws closer and closer. Yet the rush and anxiety to file personal taxes on time often means that many of us miss taking advantage of certain valuable tax deductions each year. Working parents who pay for childcare, students with loans, seniors, and those serving in the military may be eligible to claim the following available tax deductions, and benefit from a larger tax return as a result:

1. Child and dependent care 
If you’re a parent, you know that finding affordable child care can be an expensive challenge. The good news is that the Child and Dependent Care Tax Credit offers a tax break with many benefits. Firstly, this tax deduction can help reduce your taxable income, which could mean a lower tax bill while also aiding retirement savings or help cover other household expenses. The even better news is that this tax deduction is available even if you don’t owe any taxes, which means parents can claim it whether they use paid care, or rely on family and friends to watch their kids.

2. Charitable and political donations
It’s always nice to give back and help those in need. The unique U.S. tax system allows a win-win situation that allows the donor benefit through tax deductions when funding charity programs or giving political contributions. If you’re looking to save money by claiming your donations as tax credits, then be sure to save all your donation receipts. The money you save from such contributions can be channeled somewhere else and help you achieve your financial goals

3. Medical expenses
There are many benefits to taking advantage of the medical expenses tax break. This can be a great way to reduce your overall taxable income, and for certain groups, like seniors, to get a larger tax return. Parents can also benefit from this tax break by deducting qualified medical costs for their children. Students paying out-of-pocket medical charges can also deduct these costs on their tax returns. So if you have any qualifying health expenses, be sure to seek income tax professional services to find out what you can claim on your taxes.

4. Disability 
This tax credit can provide a signifi(DTC) can help reduce overall income by up to $7,569 USD annually. Keep in mind that the definition of disability is fairly extensive, so many people qualify for it even if they don’t think they do. Receiving the DTC can make you eligible for other government benefits and assistance programs, so if you’re unsure if you qualify be sure to work with a professional tax consultant to find out.

5. Moving expenses
Moving expenses may be one of the most commonly overlooked tax deductions, but a substantial deduction can save you a significant amount on your  annual taxable income. This tax deduction is especially prudent for those serving in the military or those who have to move for work. Recipients can save upwards of $12,000 USD in moving expenses annually

6. Student loan interest
Did you know that you can deduct the interest you pay on your student loans from your taxable income? Many students either don’t know or don’t feel it’s worth claiming, yet this tax deduction can be fairly large and make a major impact on your tax return. The student loan interest deduction allows taxpayers paying back their undergraduate or graduate school loans to deduct up to $2,500 USD in interest paid on those loans from their taxable income. This is a considerable saving, and it’s one that many students don’t take advantage of. If you’re eligible for the student loan tax break, make sure to claim it

For further guidance about the many tax deductions you may be eligible for, be sure to search for “tax consultants near me” online. Income tax professionals have a wealth of experience with personal tax preparation, which can save you a lot of time and money in the long run.