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Top Ten Tax Deductions

The following are the top general tax deductions in no specific order. These will not be the top ten tax deductions for each individual; what deductions apply to you will depend on your personal tax situation.

1. Housing – There are several housing deductions. You are eligible to deduct the mortgage interest or rent you have paid, and now there is also a first-time homebuyer’s credit.

2. Charitable Donations – Any donations you have made to a qualifying charity or non-profit organization are deductible.

3. Medical Expenses – You can claim actual out-of-pocket medical expenses you have incurred and any health insurance premiums you have paid throughout the year.

4. Child/Dependent Care – Day care expenses can be written as a child care tax deduction.

5. Job Expenses – You can deduct certain expenses that are incurred when performing your job.

6. State and Local Taxes – State and local taxes for which you have been assessed are deductible.

7. Retirement Contributions – There are limits that correspond with each retirement plan you are contributing to.

8. Education – Interest that you have paid for your student loan may be deducted, as well as some additional tuition related expenses.

9. Vehicle Expenses – You may deduct the registration for your vehicle each year and your mileage may be deducted in some instances depending on your job requirements. Recently, consumers who purchase new vehicles may receive a tax credit for the purchase.

10. Energy Savings – You can claim a tax credit for a portion of the purchase of home improvements that are on the IRS’s qualifying list of energy-saving improvements.

In order to claim the above deductions you must itemize your tax return. If you take the standard deduction you do not qualify for the tax deductions in most cases. You will need to determine which option is most beneficial for you.

Visit TurboTax Online for answers to all of your tax related questions.

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