What kind of tax deductions are available

Income and Savings Credits. Homeowner Credits. Health Care Credits. Education Credits. Deductions for Individuals Work Related Deductions. Itemizing deductions. Should you itemize or take the standard deduction? Student loan interest deduction. American Opportunity Tax Credit. Lifetime Learning Credit. Child and dependent care tax credit. Child tax credit. Adoption credit. Earned Income Tax Credit. Charitable donations deduction.

Medical expenses deduction. Deduction for state and local taxes. Mortgage interest deduction. Gambling loss deduction. IRA contributions deduction. Health Savings Account contributions deduction.

Self-employment expenses deduction. Home office deduction. Educator expenses deduction. Residential energy credit. Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback!

Something went wrong. Please try again later. Our Guides. More from. What Is My Tax Bracket? Standard Deduction vs. Itemized Deductions: Which Is Better? By Janet Berry-Johnson Contributor. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.

Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. Personal Finance.

Your Practice. Popular Courses. Part Of. Understanding Tax Breaks. Tax Credits. Tax Deductions. Tax Deductions for Real Estate. Tax Deductions for Retirement Savings. What Is a Tax Deduction? Taxpayers have the option to take a standard deduction or itemize deductions if a taxpayer chooses to itemize deductions, then deductions are only taken for any amount above the standard deduction limit.

Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.

We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear.