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Tax Deductions Overview

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Moving Expenses Deduction (for military)

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Members of the Armed Forces can deduct some moving expenses related to a permanent change of station.

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Capital Loss Deduction

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If you sell capital assets for less than the purchase price, the losses can offset your capital gains or other income.

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Charitable Contributions Deduction

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Donations you make to qualified organizations can be deducted from your taxable income.

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Adoption Expenses Deduction

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Qualified adoption expenses can be subtracted from your taxable income up to a limit and subject to certain conditions.

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Work-Related Education Expenses Deduction

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Expenses for education that maintains or improves job skills may be deductible if they meet certain requirements.

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Foreign Earned Income Exclusion

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A certain amount of income earned abroad can be exempt from US taxes, subject to various qualifications.

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Business Expense Deduction

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Expenses that are necessary and ordinary for your business can be deducted to reduce taxable income.

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Medical and Dental Expenses Deduction

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Portion of your medical and dental expenses that exceed 7.5% of your adjusted gross income can be deducted.

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Retirement Savings Contributions Deduction

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Contributions to certain retirement savings accounts can be deducted, thus lowering your taxable income.

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Self-Employment Tax Deduction

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Self-employed individuals can deduct the employer-equivalent portion of their self-employment tax.

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Casualty and Theft Losses Deduction

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Losses from casualties or thefts can be deductible if they are not reimbursed by insurance.

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Energy Efficient Improvements Deduction

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Certain energy-efficient improvements to your property might be eligible for tax deductions or credits.

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Qualified Business Income Deduction

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A percentage of qualified business income from a pass-through entity can be deducted up to a certain threshold.

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Real Estate Property Depreciation

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Owners of investment real estate can depreciate the building's cost over a set period, reducing income from the property.

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State and Local Taxes Deduction

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You can deduct state and local property, income, and sales taxes up to a certain limit.

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Health Savings Account (HSA) Deduction

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Contributions to a qualified HSA can be deducted from your taxable income.

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IRA Deduction

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Contributions to a traditional Individual Retirement Account may be fully or partially deductible.

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Student Loan Interest Deduction

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Interest paid on a qualified student loan for higher education can be deducted, with income limitations.

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Home Office Deduction

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If you use part of your home regularly and exclusively for business, you might deduct expenses related to this portion.

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Standard Deduction

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A fixed dollar amount that reduces the income you're taxed on, which varies depending on your filing status.

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Itemized Deductions

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Specific expenses that can be deducted from your taxable income, like mortgage interest or medical expenses.

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Home Mortgage Interest Deduction

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Interest you pay on a loan secured by your home can be deducted, with some limitations.

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Educational Expenses Deduction

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Certain educational expenses, such as tuition and fees, can be deducted to lower your taxable income.

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Alimony Payments Deduction

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Payments made under a divorce or separation agreement may be deductible if certain conditions are met.

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Domestic Production Activities Deduction

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This deduction was available for income from domestic production activities but has been repealed after 2017.

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