Tax Income

You can deduct interest paid on your home mortgage for your primary residence and, in some cases, a second home. This deduction is applicable if your loan meets certain requirements set by the IRS.

Contributions made to eligible nonprofit organizations can be deducted. Be sure to keep receipts or proof of donation for documentation purposes.

If you are paying interest on a qualified student loan, you may be eligible to deduct up to $2,500 of the interest paid.

Contributions to a Health Savings Account (HSA) may be tax-deductible, providing a way to save on medical expenses while reducing taxable income.

Contributions made to traditional IRAs or 401(k) retirement accounts may be deductible, helping you save for the future while lowering your taxable income for the year.

Certain medical and dental expenses not covered by insurance may be deductible if they exceed 7.5% of your adjusted gross income.

You can deduct up to $10,000 ($5,000 if married filing separately) for state and local income, sales, and property taxes combined.

Necessary and ordinary expenses for running a business, such as office supplies, travel, and advertising, may be deductible.

Certain education-related expenses, like tuition and fees, may qualify for deductions or credits, such as the Lifetime Learning Credit or the American Opportunity Credit.

Installing energy-efficient windows, doors, solar panels, and other qualifying home improvements may entitle you to tax credits and deductions.