IRS Tax Deductions: American's, by nature, dislike paying taxes, and some look for ingenious tax deductions.

But what tax deductions are indeed valid?

H&R Block has launched a website whereby consumers can try their hands at testing the limits of tax deductions.

'Deduct A Buck', hosted by a fictional character named Max Refund, is an interactive portal at deductabuck.com.

Consumers may even win prizes for their innovative tax deduction ideas.

As for not claiming all valid deductions, these statistics are startling:

Nationwide, for example, 4.1 million taxpayers miss taking education credits and deductions, and 7.3 million taxpayers miss claiming the Earned Income Tax Credit, which can put as much as $4,400 into eligible taxpayers? pockets.

Calculate withholding and tax online with our free tax calculator. Read for internet filing? Use our recommended free irs tax preparation and filing.