Taxpayers know that there are tax deductions out there to be utilized to reduce the taxes paid on your income. Most are aware of the common deductions, but there are many deductions that simply get overlooked by most taxpayers.
Gifts to charity is a good place to start. Most taxpayers know that when you give a gift of money or items to a qualified charity, you can deduct the value of this gift, with proper documentation. One common item that gets missed is the miles that you drove or out-of-pocket expenses you paid for the charities benefit.
Most taxpayers also consider mortgage interest. Though less taxpayers are claiming the interest on their mortgage (due to no longer taking itemized deductions with the increase in the standard deduction), mortgage interest still remains a large deduction. An additional deduction that is sometimes missed are the points associated with refinancing your mortgage. Additionally, when you pay-off or refinance a mortgage that has points still remaining, you can deduct those points in full. Be aware that using the same lender for another mortgage often means that the remaining points simply get rolled into the new mortgage and are therefore not deductible.