Extra (and Often Missed) Tax Deductions

The standard deduction for 2024 is $14,600 for single filers and married individuals who file separately, and $29,200 for married individuals who file a joint tax return. Head of household filing status is $21,900 for 2024. Even if you don’t itemize your tax deductions on Schedule A (for amounts spent on various taxes, mortgage interest, charitable donations and a few others) and claim the standard deduction, all taxpayers may be able to claim the following tax deductions to reduce their taxable income (and taxes paid) in 2024:?

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·???????? IRA Contributions (up to $7,000, or $8,000 if age 50 and above)

·???????? Educator expenses (up to $300 per teacher)

·???????? Student loan interest (up to $2,500)

·???????? Business expenses for reserves in U.S. armed forces (if at least 100 miles from home)

·???????? Moving expenses for members of armed forces

·???????? Alimony paid (if divorce or separation agreement is effective prior to January 1, 2019)

·???????? Penalty paid on early withdrawal of savings

·???????? Health Savings Accounts (if you qualify for these very tax favored plans)

·???????? Donating appreciated long-term capital gain stock.

·???????? Self-employed health insurance premiums

·???????? Self-employed retirement plans

·???????? ? of self-employment tax

·???????? Jury duty pay (if you paid back to employer)

·???????? Olympic medals/awards

·???????? And others (of course)

NOTE: There are income phaseouts and maximum amounts that can be claimed for many of these potential tax deductions. As always, please consult with your tax advisor to see if any tax strategies may apply to your unique, specific tax and financial situation.