2024 Tax Deduction Guide

Learn how to navigate tax deductions to reduce your taxable income and maximize your refund. This guide is tailored for individuals and small business owners, ensuring compliance with the latest IRS regulations.

What Are Tax Deductions?

Tax deductions lower your taxable income, reducing the amount of tax you owe. There are two main categories:

  • Standard Deduction: A fixed dollar amount. For 2024:
    • Single or Married Filing Separately: $13,850
    • Married Filing Jointly: $27,700
    • Head of Household: $20,800
  • Itemized Deductions: Deduct specific expenses like mortgage interest, state taxes, and medical costs.

Common Tax Deductions for Individuals

1. Medical and Dental Expenses

Deduct medical and dental expenses exceeding 7.5% of your adjusted gross income (AGI).

  • Doctor and dentist visits
  • Prescription medications
  • Health insurance premiums (if not pre-tax)
  • Transportation for medical care
IRS Instructions for Schedule A

2. State and Local Taxes (SALT)

Deduct state and local income, property, or sales taxes, up to $10,000 ($5,000 if married filing separately).

Learn More About SALT Deduction

3. Mortgage Interest

Deduct interest paid on mortgages up to $750,000 ($375,000 if married filing separately).

IRS Publication 936

Get Help with Your Taxes

Let ifilemytaxes.com simplify your tax filing experience. Our experts ensure accuracy and maximize your refund.

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