A survey of more than 1,000 taxpayers found that 55 percent of Americans don't know about or won't claim credits and deductions triggered by some of life's most celebrated events.
The survey by H&R Block reveals that more than half of taxpayers whose life situation changed last year through marriage, having a baby, buying a home or changing jobs remain unaware of major tax benefits available to them.
For example, 62 percent of respondents didn't know the Child Tax Credit is worth $1,000 per child.
"When you have a baby or get married, it makes sense to think about how those changes affect your finances," said Jackie Perlman, Block tax professional. "We've found that many Americans aren't aware of the tax benefits that go along with transitioning to new stages in life. Not claiming the benefits costs them significant savings in the long run."
First-time homeowners, newlyweds, those with newborns, and other taxpayers who have more complex financial situations tend to file later in the tax season and are more likely to ask for expert advice and counsel in preparing their tax return.