Interactive tool to find tax deductions you might be missing. Check what applies to you and see your estimated tax savings in real time.
✓ How This Tool Works
Browse through 8 categories of common tax deductions and credits
Check the box next to any deduction that applies to your situation
Watch the running total at the top update with your estimated tax savings
Savings estimates assume the 22% marginal tax bracket — your actual savings may be higher or lower
This tool identifies deductions to discuss with your tax preparer — it is not a substitute for professional advice
Estimated Tax Savings
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0 deductions selected
Understanding Tax Deductions
Tax deductions reduce your taxable income, which in turn lowers the amount of tax you owe. There are two main types: above-the-line deductions (which reduce your Adjusted Gross Income regardless of whether you itemize) and itemized deductions (which you claim on Schedule A instead of the standard deduction).
For 2026, the standard deduction is $16,100 for single filers and $32,200 for married filing jointly. You should only itemize if your total itemized deductions exceed these amounts. However, above-the-line deductions (like retirement contributions, student loan interest, and self-employment tax) can be claimed in addition to the standard deduction.
Tax credits are even more valuable than deductions because they reduce your tax bill dollar-for-dollar, rather than just reducing your taxable income. Several items in the checklist below are actually credits (like the Child Tax Credit and EITC), which are noted accordingly.
Under the One Big Beautiful Bill Act (OBBBA) for 2026, key changes include the SALT deduction cap increasing to $40,000, overtime pay becoming tax-exempt for W-2 employees, tips becoming tax-exempt for service workers, and a new $4,000 senior bonus deduction for taxpayers age 65 and older.
Find Your Deductions
Click each category to expand it, then check the deductions that apply to your situation. The estimated savings shown assume a 22% marginal tax rate for deductions and face value for credits.
🏠 Homeowner (5 deductions)▾
Mortgage Interest Deduction
Max: Up to $750K of debt | Who qualifies: Homeowners with a mortgage on primary or secondary residence | How to claim: Itemize on Schedule A using Form 1098 from your lender
~$5,000
Property Tax Deduction
Max: Part of $40K SALT cap | Who qualifies: All property owners (SALT cap applies) | How to claim: Itemize on Schedule A; included in the $40,000 SALT deduction limit
~$3,000
Home Office Deduction
Max: $5/sq ft (max $1,500) or actual expenses | Who qualifies: Self-employed individuals who use part of their home exclusively for business | How to claim: Simplified method on Schedule C or Form 8829 for regular method
~$1,500
Energy-Efficient Home Improvement Credit
Max: Up to $3,200/year | Who qualifies: Homeowners who install qualifying energy improvements (solar, insulation, windows, heat pumps) | How to claim: Claim on Form 5695; 30% of cost for solar, up to $2,000 for heat pumps
~$2,000
Mortgage Points Deduction
Max: Full amount in year paid (purchase) or amortized (refinance) | Who qualifies: Buyers who paid points on their mortgage | How to claim: Reported on Form 1098; itemize on Schedule A
~$1,500
👪 Parent / Family (5 deductions)▾
Child Tax Credit
Max: $2,000 per child under 17 | Who qualifies: Parents with qualifying children under age 17; income phase-out begins at $200K (single) / $400K (MFJ) | How to claim: Claim on Form 1040; up to $1,700 is refundable
~$2,000
Child and Dependent Care Credit
Max: Up to $1,050 (1 child) or $2,100 (2+ children) | Who qualifies: Working parents paying for childcare or dependent care to enable work | How to claim: Claim on Form 2441; expenses limited to $3,000 (1) or $6,000 (2+)
~$1,200
Earned Income Tax Credit (EITC)
Max: Up to $7,830 (3+ children) | Who qualifies: Low-to-moderate income workers; income limits vary by filing status and number of children | How to claim: Claim on Form 1040 and Schedule EIC; fully refundable
~$3,000
Adoption Credit
Max: Up to $16,810 per child | Who qualifies: Taxpayers who adopted a child and incurred qualifying expenses | How to claim: Claim on Form 8839; can carry forward unused credit for up to 5 years
~$5,000
Dependent Care FSA
Max: Up to $5,000 pretax | Who qualifies: Employees whose employer offers a dependent care FSA | How to claim: Enroll through your employer; reduces taxable income dollar-for-dollar
~$1,100
💼 Self-Employed / Freelancer (6 deductions)▾
Self-Employment Tax Deduction
Max: 50% of SE tax | Who qualifies: All self-employed individuals paying self-employment tax | How to claim: Automatic above-the-line deduction on Schedule 1; reduces AGI
~$2,500
Qualified Business Income (QBI) Deduction
Max: Up to 20% of qualified business income | Who qualifies: Pass-through business owners and sole proprietors under income limits | How to claim: Claim on Form 8995 or 8995-A; subject to W-2 wage and property limitations above thresholds
~$5,000
Business Expenses (Schedule C)
Max: Actual costs | Who qualifies: Self-employed individuals and sole proprietors | How to claim: Deduct on Schedule C: supplies, software, equipment, marketing, travel, professional development
~$3,000
Health Insurance Premiums
Max: 100% of premiums | Who qualifies: Self-employed individuals not eligible for employer-sponsored coverage | How to claim: Above-the-line deduction on Schedule 1; includes medical, dental, and vision for you, spouse, and dependents
~$4,000
SEP-IRA / Solo 401(k) Contributions
Max: Up to $69,000 (SEP) or $69,000 (Solo 401k) | Who qualifies: Self-employed individuals and small business owners | How to claim: Contribute by tax filing deadline; deduct on Schedule 1
~$8,000
Vehicle / Mileage Deduction
Max: 70 cents/mile (2026) or actual expenses | Who qualifies: Self-employed individuals using a vehicle for business | How to claim: Track miles with an app; deduct on Schedule C using standard mileage rate or actual expense method
~$2,000
🎓 Student (4 deductions)▾
American Opportunity Credit (AOTC)
Max: Up to $2,500 per student | Who qualifies: Students in first 4 years of higher education; MAGI under $90K (single) / $180K (MFJ) | How to claim: Claim on Form 8863; 40% ($1,000) is refundable even with no tax liability
~$2,500
Lifetime Learning Credit
Max: Up to $2,000 per return | Who qualifies: Any post-secondary education, including graduate school and professional development | How to claim: Claim on Form 8863; MAGI limit $90K (single) / $180K (MFJ); non-refundable
~$2,000
Student Loan Interest Deduction
Max: Up to $2,500 | Who qualifies: Borrowers paying interest on qualified student loans; MAGI under $90K (single) / $185K (MFJ) | How to claim: Above-the-line deduction on Schedule 1; Form 1098-E from your lender
~$550
Tuition and Fees (529 Plan)
Max: State tax deduction varies; federal tax-free growth | Who qualifies: Anyone saving for education expenses using a 529 plan | How to claim: Contributions may qualify for state tax deduction; withdrawals for qualified expenses are tax-free
~$1,000
📈 Investor (5 deductions)▾
Capital Loss Deduction
Max: Up to $3,000/year (net losses) | Who qualifies: Investors with capital losses exceeding capital gains | How to claim: Report on Schedule D and Form 8949; excess losses carry forward indefinitely
~$660
Tax-Loss Harvesting
Max: Varies (offset gains) | Who qualifies: Investors who can sell losing positions to offset gains | How to claim: Sell losing investments to realize losses; avoid wash sale rule (30-day window)
~$2,000
Qualified Dividend Tax Rate
Max: 0%, 15%, or 20% rate | Who qualifies: Investors receiving qualified dividends from US corporations | How to claim: Automatically applied if holding period met; reported on Form 1099-DIV
~$1,500
IRA Contributions
Max: Up to $7,000 ($8,000 if 50+) | Who qualifies: Anyone with earned income; Traditional IRA deduction depends on workplace plan coverage | How to claim: Contribute by April 15 filing deadline; deduct on Schedule 1 (Traditional) or contribute after-tax (Roth)
~$1,540
401(k) / 403(b) Contributions
Max: Up to $23,500 ($31,000 if 50+) | Who qualifies: Employees with access to workplace retirement plans | How to claim: Contribute through payroll; reduces W-2 Box 1 income automatically
~$5,170
❤ Charitable Giver (4 deductions)▾
Cash Charitable Donations
Max: Up to 60% of AGI | Who qualifies: Taxpayers who itemize and donate to qualified 501(c)(3) organizations | How to claim: Itemize on Schedule A; keep receipts for donations over $250
~$2,000
Donated Appreciated Securities
Max: Fair market value (up to 30% of AGI) | Who qualifies: Investors donating stocks or funds held over one year | How to claim: Transfer shares directly to charity; avoid capital gains tax and deduct full FMV on Schedule A
~$3,000
Donor-Advised Fund (DAF)
Max: Immediate deduction for full contribution | Who qualifies: Taxpayers who want to "bunch" charitable deductions into one year | How to claim: Contribute cash or securities to DAF; take deduction now, distribute grants to charities over time
~$3,000
Qualified Charitable Distribution (QCD)
Max: Up to $105,000 from IRA | Who qualifies: Taxpayers age 70.5+ with Traditional IRAs | How to claim: Direct transfer from IRA to charity; reduces taxable income without itemizing
~$4,000
⚕ Medical (4 deductions)▾
Medical Expense Deduction
Max: Expenses exceeding 7.5% of AGI | Who qualifies: Taxpayers with significant unreimbursed medical expenses who itemize | How to claim: Itemize on Schedule A; includes doctor visits, prescriptions, dental, vision, medical equipment, long-term care
~$1,500
Health Savings Account (HSA)
Max: $4,300 (individual) / $8,550 (family) | Who qualifies: Individuals enrolled in a High Deductible Health Plan (HDHP) | How to claim: Contribute pretax or deduct on Schedule 1; triple tax advantage (deductible, tax-free growth, tax-free withdrawals for medical)
~$1,400
Healthcare FSA
Max: Up to $3,300 | Who qualifies: Employees whose employer offers a healthcare FSA | How to claim: Enroll through your employer during open enrollment; use for copays, prescriptions, dental, vision
~$726
ACA Premium Tax Credit
Max: Varies by income and household size | Who qualifies: Marketplace plan enrollees with household income 100-400% of federal poverty level | How to claim: Applied in advance to reduce monthly premiums or claimed on Form 8962 at filing
~$3,000
🎖 Military / Veteran (4 deductions)▾
Combat Zone Tax Exclusion
Max: All military pay while in combat zone | Who qualifies: Active-duty service members serving in designated combat zones | How to claim: Automatically excluded from taxable income; additional exclusions for re-enlistment bonuses
~$5,000
Moving Expense Deduction
Max: Actual moving costs | Who qualifies: Active-duty military members who move due to a permanent change of station (PCS) | How to claim: Deduct on Form 3903; only military members can deduct moving expenses (civilian deduction was suspended)
~$3,000
Uniformed Services TSP
Max: Up to $23,500 ($31,000 if 50+) | Who qualifies: All military and federal employees | How to claim: Contribute through payroll to Thrift Savings Plan; Traditional or Roth options
~$5,170
VA Disability Benefits Exclusion
Max: 100% tax-free | Who qualifies: Veterans receiving VA disability compensation | How to claim: Automatically excluded from taxable income; no reporting required on tax return
~$3,000
Standard Deduction vs. Itemizing
One of the most important decisions you make on your tax return is whether to take the standard deduction or itemize. Here is how to decide:
Take the Standard Deduction If:
Your itemized deductions (mortgage interest, SALT, charitable, medical) total less than $16,100 (single) or $32,200 (MFJ)
You rent rather than own your home
You live in a state with no income tax
You prefer simplicity and less record-keeping
Itemize If:
You own a home with significant mortgage interest
You live in a high-tax state (the $40,000 SALT cap now makes this more beneficial)
You made large charitable donations
You had major unreimbursed medical expenses (over 7.5% of AGI)
Your combined itemized deductions exceed the standard deduction
Remember that above-the-line deductions (retirement contributions, HSA, student loan interest, self-employment tax deduction) reduce your AGI regardless of whether you itemize. Always claim these even if you take the standard deduction.
Maximizing Your Deductions: Pro Tips
Bunch deductions: If you are close to the itemizing threshold, consider "bunching" two years of charitable donations into one year to itemize, then take the standard deduction the next year.
Contribute to retirement accounts: 401(k) and IRA contributions are among the most powerful deductions available. Max out contributions before the tax deadline.
Do not forget HSA: The triple tax advantage (deductible contributions, tax-free growth, tax-free withdrawals for medical) makes HSAs one of the best tax-advantaged accounts available.
Track business expenses: Self-employed individuals should keep meticulous records of all business expenses throughout the year, not just at tax time.
Donate appreciated stock: Instead of selling stock and donating cash, donate appreciated shares directly to charity to avoid capital gains tax entirely.
Calculate Your Tax Savings
Use our free calculator to see exactly how deductions affect your total tax liability.
Tax calculations are estimates for educational and informational purposes only. This site does not provide tax, legal, or financial advice. Tax laws change frequently. Always consult a qualified tax professional for advice specific to your situation. Data sourced from IRS publications and official state tax authority websites.
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