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International Business Times UK
International Business Times UK
Business
Will Lorca

Americans Are Missing Out on Billions in Tax Credits as the IRS Reveals Five Overlooked Ways to Cut Your Bill

Americans leave billions in tax credits unclaimed each year by not filing for education, childcare, retirement, and energy breaks. (Credit: Photo by Tima Miroshnichenko from Pexels)

Americans forfeit billions in federal tax credits offered by the IRS every year. The Wall Street Journal's Lori Ioannou identified five credits that many overlook, meaning thousands leave money unclaimed per household.

These credits apply across nearly every stage of life. Students can get help with tuition. Young parents can claim childcare costs, including summer camps. Working families earning up to $68,675 get cash back. Mid-career savers are rewarded for retirement contributions. Homeowners can claim energy improvement credits — but only until the end of December. Most people miss at least one they qualify for. Here's a rundown of each.

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