How to Get the Most From Your Tax Return

Ironically, the cost of preparing taxes is eligible for deduction. According to the IRS, the "cost of preparing that part of your tax return relating to your business as a sole proprietor or statutory employee" is qualified. So it might pay to have a professional prepare your taxes.

Credits, which are eligible to both standard and itemized filers, are also overlooked. According to AICPA's Labant, one of the most common credits people miss relates to childcare.

A taxpayer is eligible for this credit "if you paid someone to care for your child, spouse, or dependent last year," according to the IRS.

A word of caution. Labant warned that many areas of the tax code, like money spent on education, are ambiguous. She said it's best to speak with a professional before itemizing a return. "There is sometimes confusion because there are so many kinds of incentives out there," Labant says. "You have to figure out what is available and what will save you the most."

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