Federal Tax Deductions for Parents, Work, Home, School, and Travel

Time to save on your taxes

What Is a Tax Deduction?

A tax deduction reduces your taxable income. Your total deductions are subtracted from your taxable income in order to determine your total tax bill for the year.

Tax credits are similar to tax deductions, but they reduce your tax bill dollar for dollar. This page lists tax deductions as well as related tax credits.

How Do I Qualify to Claim Tax Deductions?

In order to claim most tax deductions for the current Tax Year, the payments have to occur during the Tax Year or no later than December 31. 

What Are the Different Types of Tax Deductions?

Review these tax deductions based on life-changing events and other life situations: 

bulletpoint Tax Deductions for Life-Changing Events

bulletpoint Tax Deductions for Families and Parents

bulletpoint Tax Deductions for Homeowners

bulletpoint Tax Deductions for Employees/Workers

bulletpoint Medical Tax Deductions

bulletpoint Student Tax Deductions

bulletpoint Charity Tax Deductions

bulletpoint Standard Deduction and Itemized Deductions

bulletpoint Tax Deductions for Car and Travel

bulletpoint Tax Deductions for Teachers, Educators

bulletpoint Miscellaneous/Other Tax Deductions

NOTE: There are specific nondeductable expenses that cannot be claimed on tax returns, such as home repairs and political contributions.

Tax Deductions for Life-Changing Events

Did you lose your job? Job loss expenses might be tax deductible.

Did you search for a new job? Turn job search expenses into tax deductions.

Did you get married? Marriage may actually save you money on taxes.

Did you get divorced or separated? This might also affect your tax return.

Did you have a child? Children or other dependents can mean tax credits and deductions.

Did you adopt a child? Adoption expenses can be deductible.

Did you go to college? Find information about tax deductible education expenses.

Did you purchase a home? Find information about homeowner tax deductions.


Parent Deduction Tax Deductions for Parents and Families

You can claim exemptions (similar to tax deductions) for qualified dependents. There are also tax credits for child care expenses and adoption expenses.


Home, Mortgage Deduction Tax Deductions for Homeowners

Homeowners can take advantage of deductions for mortgage interest, real estate taxes, installing energy-efficient home improvements, canceled debt on a mortgage, having a home office, and more.


Employee, Worker Deduction Tax Deductions for Working

There are various tax deductions available for employees and the self-employed. There are also deductions to help you find employment. If you contribute to a retirement plan, you may be able to take a deduction or claim a tax credit.


Medical, Health Deduction Tax Deductions for Medical Expenses

If you have medical expenses, such as health insurance premiums, which total more than 7.5% of your income, you may be able to deduct them. There are also deductions for contributions to health savings accounts.


Student, Educational Deduction Tax Deductions for Education

There is a deduction for paying student loans. For teachers, there is a deduction for educator expenses. There are also two different tax credits (American Opportunity Credit and Lifetime Learning Credit) available for students.


Miscellaneous, Other Deduction Tax Deductions for Charity

You can deduct many charitable contributions and donations. You can also take a deduction for using your vehicle for charity.


Seasonal Tax Deduction The Standard Deduction and Itemized Deductions

When you file a tax return, you will either take the standard deduction for your filing status, or you will itemize deductions. Find out which is best for you.


Green Energy Deduction Tax Deductions for Car and Travel

You can claim tax deductions for using your car for the purposes of business purposes, medical purposes, or for charity. There are deductions for travelling out of town for your job. Also, there is a tax credit for buying an electric car.


Retirement, Retirement Savings Deduction

Miscellaneous/Other Tax Deductions

There are a number of other tax deductions and credits that don't fit neatly into any of the above categories, such as for gambling losses, investment expenses, foreign taxes, tax preparation fees, and more. There are even some strange, unusual tax breaks that have been successfully used in the past.

More Information on Tax Breaks and Savings

Tax Deduction Planning Tips

Qualify for Tax Credits

All-Year Tax Planning Tips

See if you qualify to claim tax deductions and credits by using the free efile.com tax tools!