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Tax Hacks

Tax Deductions Most People Miss

Every year, Americans leave billions of dollars on the table by missing legitimate tax deductions. Here are the most commonly overlooked ones.

Home Office Deduction: If you work from home — even part-time for a side hustle — you can deduct a portion of your rent, utilities, and internet based on the square footage of your workspace.

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Student Loan Interest: You can deduct up to $2,500 in student loan interest even if you don’t itemize.

Medical Expenses: If your out-of-pocket medical costs exceed 7.5% of your adjusted gross income, the excess is deductible.

Charitable Contributions: Don’t just track cash donations. Miles driven for charity (14 cents/mile), donated goods, and even out-of-pocket expenses for volunteer work count.

State Sales Tax: If you live in a state without income tax, you can deduct state sales tax instead. The IRS provides tables to estimate this.

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