Student Loan Interest: If you’ve paid interest on student loans, you may be eligible for a deduction of up to $2,500.
Medical Expenses: If your medical expenses exceed 7.5% of your adjusted gross income, you can deduct the excess amount.
Home Office Deduction: If you’re self-employed and use part of your home exclusively for work, you may qualify for this deduction.
Charitable Contributions: Donations to qualified charities can be deducted, even if they are non-cash contributions like clothing or household items.
State and Local Taxes: You can deduct up to $10,000 in combined state and local income, sales, and property taxes.
Earned Income Tax Credit (EITC): This credit is designed for low-to-moderate income earners and can be worth up to $7,430 for families with three or more children.
Child Tax Credit: Families with eligible children can receive up to $2,000 per child, with a portion being refundable.
Lifetime Learning Credit (LLC): This credit can be worth up to $2,000 per tax return for qualified education expenses.
Saver’s Credit: If you contribute to a retirement account, you may be eligible for a credit of up to $1,000 ($2,000 for married couples filing jointly).
Single: For individuals not married or legally separated.
Married Filing Jointly: Typically provides the best tax benefits for married couples.
Married Filing Separately: In some cases, filing separately may be beneficial, such as when one spouse has high medical expenses.
Head of Household: Offers better tax rates and higher standard deductions for single parents or those supporting dependents.
Traditional IRA: Contributions are tax-deductible, reducing your taxable income.
401(k) Contributions: Contributions reduce your taxable income, and many employers offer matching contributions.
Health Savings Account (HSA): Contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.
Keep all receipts for deductible expenses.
Maintain records of charitable contributions.
Organize W-2s, 1099s, and other tax documents.
Use tax software or hire a professional to ensure accuracy
Avoids last-minute stress and errors.
Reduces the risk of identity theft.
Helps you receive your refund sooner, especially when opting for direct deposit.