Many Americans leave money on the table by not claiming deductions they're entitled to. Knowing what you can deduct saves thousands.
Common Deductions
Standard deduction vs. itemized deductions. For 2024, the standard deduction is $14,600 for single filers and $29,200 for married couples.
Often-Missed Deductions:
- • Charitable donations
- • Mortgage interest
- • Property taxes
- • Medical expenses (over 7.5% of AGI)
- • Student loan interest
- • Home office expenses (if self-employed)
Keep Good Records
Save receipts and documentation for 3-7 years. Use tax software or hire a CPA. The IRS can audit deductions, so accuracy matters.