Deductions & Credits
Every dollar deducted is a dollar not taxed.
Compare the standard deduction against itemizing, understand who qualifies for the Child Tax Credit and EV credits, and see write-offs that get missed every filing season.
Compare the standard deduction against itemizing, understand who qualifies for the Child Tax Credit and EV credits, and see write-offs that get missed every filing season.
Add up your deductible expenses below. If the itemized total exceeds your standard deduction, itemizing lowers your taxable income further.
A dollar-for-dollar reduction in tax owed, distinct from a deduction — which only reduces taxable income.
Up to $2,000 per qualifying child under age 17, with up to $1,700 potentially refundable as the Additional Child Tax Credit.
Begins phasing out at $200,000 MAGI for single filers and $400,000 MAGI for Married Filing Jointly.
Child must have a valid SSN, live with the taxpayer over half the year, and be claimed as a dependent.
The Clean Vehicle Credit rewards qualifying new and used electric and plug-in hybrid purchases, but income limits and vehicle sourcing rules determine eligibility.
MAGI must fall under $150,000 (single) or $300,000 (MFJ) for new vehicles.
Final assembly must occur in North America; battery component and mineral sourcing rules apply.
MSRP must stay under $80,000 for vans, SUVs, and trucks, or $55,000 for other vehicles.
Deduct up to $2,500 in interest paid, phasing out at higher incomes.
Eligible teachers can deduct up to $300 in unreimbursed classroom supplies.
Self-employed filers using a dedicated home workspace may deduct a portion of housing costs.
A credit worth up to 50% of retirement contributions for lower-income savers.
Run your itemized total through the full estimator on Tax Simulators.