Tax Deductions Checklist: Don't Leave Money on the Table

The Deductions Most People Miss

The IRS doesn't remind you about deductions you're entitled to claim. The result: the average taxpayer misses hundreds to thousands of dollars in legitimate deductions every year.

✅ Above-the-Line Deductions (No Itemizing Required)

• Traditional 401(k)/403(b) contributions — up to $23,000 ($30,500 if 50+)
• Traditional IRA contributions — up to $7,000 ($8,000 if 50+)
• HSA contributions — $4,150 individual / $8,300 family; requires HDHP
• Student loan interest paid — up to $2,500; income limits apply
• Teacher classroom expenses — up to $300 for K-12 educators
• Self-employed health insurance premiums — 100% deductible
• SEP-IRA, SIMPLE IRA, or solo 401(k) contributions (self-employed)
• Half of self-employment tax
• Penalty on early CD withdrawal

✅ Itemized Deductions (Only If Exceeding Standard Deduction)

2024 standard deduction: $14,600 single / $29,200 married jointly.

• Mortgage interest — on up to $750,000 of acquisition debt
• Points paid on mortgage
• State and local taxes (SALT) — income/sales tax + property tax, capped at $10,000
• Charitable cash donations — up to 60% of AGI with receipt
• Non-cash charitable donations — clothing, household goods (Form 8283 if over $500)
• Medical expenses — only the portion exceeding 7.5% of AGI
• Gambling losses — only to the extent of gambling winnings reported
• Casualty and theft losses — only for federally declared disasters

✅ Business Deductions (Self-Employed Only)

• Home office — simplified ($5/sq ft, max 300 sq ft) or actual
• Vehicle mileage — 67 cents/mile (2024) business use
• Equipment and technology — Section 179 or depreciation
• Software subscriptions for business
• Professional development — courses, books, conferences
• Professional services — accountants, lawyers
• Marketing and advertising
• Business insurance premiums
• Phone and internet — business-use portion

✅ Tax Credits (Check These Too)

• Child Tax Credit — $2,000 per qualifying child under 17
• Child and Dependent Care Credit — up to $3,000 (one child) / $6,000 (two+)
• Earned Income Tax Credit — commonly missed by eligible lower-income filers
• American Opportunity Credit — up to $2,500 for first four years of college
• Lifetime Learning Credit — up to $2,000 for any education
• Residential Clean Energy Credit — 30% of solar, battery, geothermal costs
• EV tax credit — up to $7,500 for qualifying vehicles

See also: reduce taxable income, tax planning strategies, and the tax estimator guide.

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