The 5 Biggest Tax Breaks You Can Get in 2020

Nobody wants to pay more in taxes than they have to. Fortunately, the federal government gives taxpayers lots of ways to reduce their tax bills, with a host of deductions, credits, and other breaks designed to help you manage your taxes effectively.

There are hundreds of provisions that can help taxpayers, but most of the tax benefits that ordinary people are able to get come from just a handful of provisions. The five tax breaks below will provide the most tax savings over the coming five years, according to the latest estimates from the Joint Committee on Taxation. We'll look at them more closely to help you figure out if you might be able to take advantage of them.

If you get health insurance coverage through your job, then you benefit from the biggest tax break the government offers. The millions of Americans who receive employer-provided health insurance don't have to pay taxes on the portion of premiums that employers pay on their behalf.

Source Fool.com