Are you a tax-breaks bait-and-switch victim?
In the never-ending quest to lower IRS bills, taxpayers grab for every tax deduction, tax credit and tax-saving move they hear or read about. That’s generally a good idea.
Sometimes, though, great-sounding tax breaks aren’t always as advertised.
Sure, on first glance, they seem like the perfect way to reduce your taxes. But when you get the full story, they do you little or no tax-saving good at all.
The problem isn’t the typical income limits or filing-status restrictions that apply to many tax breaks. It’s the pesky full details of the tax laws that aren’t always spelled out upfront.
So keep looking for ways to save on taxes, but don’t get your hopes up unnecessarily about these six popular tax breaks that aren’t exactly what they seem.