Tax Deduction Guide 2026
Find every tax deduction and credit you qualify for. Complete guide to 100+ deductions across 10 categories with eligibility requirements and savings estimates.
Business
(15)Section 179 Expensing
Avg savings: $25,000/yr
Max: $1,160,000
Bonus Depreciation
Avg savings: $20,000/yr
Qualified Business Income (QBI)
Avg savings: $8,000/yr
Business Vehicle Deduction
Avg savings: $6,500/yr
Business Travel Deduction
Avg savings: $4,000/yr
Business Interest Deduction
Avg savings: $4,000/yr
Business Startup Costs
Avg savings: $3,500/yr
Max: $5,000
Self-Employment Tax Deduction
Avg savings: $3,500/yr
Business Insurance Deduction
Avg savings: $3,000/yr
Advertising & Marketing
Avg savings: $3,000/yr
Business Meals Deduction
Avg savings: $2,500/yr
Professional Services
Avg savings: $2,500/yr
Business Education
Avg savings: $2,000/yr
Office Supplies & Equipment
Avg savings: $1,500/yr
Business Phone & Internet
Avg savings: $1,200/yr
Charitable
(10)Conservation Easement Deduction
Avg savings: $25,000/yr
Charitable Remainder Trust
Avg savings: $15,000/yr
Donating Appreciated Stock
Avg savings: $8,000/yr
Donor-Advised Fund Contributions
Avg savings: $5,000/yr
Charitable Donation Bunching Strategy
Avg savings: $4,000/yr
Qualified Charitable Distribution (QCD)
Avg savings: $3,000/yr
Max: $105,000
Cash Charitable Donations
Avg savings: $1,500/yr
Non-Cash Charitable Donations
Avg savings: $800/yr
Volunteer Out-of-Pocket Expenses
Avg savings: $300/yr
Charitable Driving Deduction
Avg savings: $200/yr
Education
(10)Employer-Required Education
Avg savings: $3,000/yr
American Opportunity Tax Credit
Avg savings: $2,200/yr
Max: $2,500
Lifetime Learning Credit
Avg savings: $1,500/yr
Max: $2,000
Employer Education Assistance
Avg savings: $1,155/yr
Max: $5,250
529 Plan Contributions
Avg savings: $1,000/yr
Student Loan Interest Deduction
Avg savings: $550/yr
Max: $2,500
Education Savings Bond Interest
Avg savings: $500/yr
Federal Work-Study Earnings
Avg savings: $500/yr
Coverdell Education Savings Account
Avg savings: $300/yr
Max: $2,000
Educator Expense Deduction
Avg savings: $66/yr
Max: $300
Family
(10)Adoption Tax Credit
Avg savings: $10,000/yr
Max: $16,810
Alimony Deduction (Pre-2019)
Avg savings: $5,000/yr
Earned Income Tax Credit (EITC)
Avg savings: $3,500/yr
Max: $7,430
Qualifying Surviving Spouse
Avg savings: $3,000/yr
Kiddie Tax Planning
Avg savings: $2,500/yr
Child Tax Credit
Avg savings: $2,000/yr
Max: $2,000
Head of Household Filing Status
Avg savings: $2,000/yr
Education Credits for Dependents
Avg savings: $2,000/yr
Max: $2,500
Child & Dependent Care Credit
Avg savings: $1,200/yr
Max: $6,000
Dependent Care FSA
Avg savings: $1,100/yr
Max: $5,000
Housing
(15)Home Sale Exclusion
Avg savings: $15,000/yr
Max: $500,000
Energy Efficient Commercial Buildings
Avg savings: $10,000/yr
Max: $5
Rental Property Depreciation
Avg savings: $8,000/yr
Residential Solar Tax Credit
Avg savings: $7,500/yr
Casualty & Theft Loss Deduction
Avg savings: $5,000/yr
Rental Property Expenses
Avg savings: $5,000/yr
Military Moving Expenses
Avg savings: $4,000/yr
Mortgage Interest Deduction
Avg savings: $3,500/yr
Max: $750,000
Home Accessibility Improvements
Avg savings: $3,000/yr
Property Tax Deduction
Avg savings: $2,200/yr
Max: $10,000
Mortgage Points Deduction
Avg savings: $2,000/yr
Home Energy Tax Credit
Avg savings: $1,800/yr
Max: $3,200
Rental Property Travel
Avg savings: $1,500/yr
Home Office Deduction
Avg savings: $1,200/yr
Max: $1,500
PMI Premium Deduction
Avg savings: $1,100/yr
Investment
(10)QSBS Exclusion (Section 1202)
Avg savings: $100,000/yr
Max: $10,000,000
1031 Like-Kind Exchange
Avg savings: $30,000/yr
Opportunity Zone Investment
Avg savings: $10,000/yr
Installment Sale
Avg savings: $8,000/yr
Tax-Loss Harvesting
Avg savings: $5,000/yr
NIIT Planning (3.8% Surtax)
Avg savings: $5,000/yr
Qualified Dividend Tax Rate
Avg savings: $3,000/yr
Investment Interest Expense
Avg savings: $1,500/yr
Foreign Tax Credit (Investments)
Avg savings: $800/yr
Capital Loss Deduction
Avg savings: $660/yr
Max: $3,000
Medical
(10)Self-Employed Health Insurance
Avg savings: $5,000/yr
Medical & Dental Expenses
Avg savings: $3,000/yr
Long-Term Care Insurance
Avg savings: $2,000/yr
Max: $5,880
Therapy & Counseling
Avg savings: $2,000/yr
HSA Contribution Deduction
Avg savings: $1,800/yr
Max: $8,300
Medical Equipment & Devices
Avg savings: $1,500/yr
Dental & Vision Expenses
Avg savings: $1,200/yr
Flexible Spending Account (FSA)
Avg savings: $900/yr
Max: $3,200
Medical Travel Expenses
Avg savings: $800/yr
Weight Loss Program (Medical)
Avg savings: $800/yr
Miscellaneous
(5)Foreign Earned Income Exclusion
Avg savings: $25,000/yr
Max: $126,500
Foreign Housing Exclusion
Avg savings: $8,000/yr
Electric Vehicle Tax Credit
Avg savings: $7,500/yr
Max: $7,500
Theft & Fraud Loss Deduction
Avg savings: $5,000/yr
Gambling Loss Deduction
Avg savings: $2,000/yr
Retirement
(10)Defined Benefit Pension Plan
Avg savings: $50,000/yr
Solo 401(k) Contribution
Avg savings: $18,000/yr
Max: $69,000
SEP-IRA Contribution
Avg savings: $15,000/yr
Max: $69,000
After-Tax 401(k) & Mega Backdoor Roth
Avg savings: $10,000/yr
Max: $69,000
401(k) Contribution
Avg savings: $5,060/yr
Max: $23,000
Roth IRA Conversion Strategy
Avg savings: $5,000/yr
SIMPLE IRA Contribution
Avg savings: $3,520/yr
Max: $16,000
Catch-Up Contributions (50+)
Avg savings: $1,650/yr
Max: $7,500
Traditional IRA Contribution
Avg savings: $1,540/yr
Max: $7,000
Retirement Savings Credit (Saver's Credit)
Avg savings: $500/yr
Max: $2,000
State & Local
(5)State & Local Tax (SALT) Deduction
Avg savings: $2,200/yr
Max: $10,000
State Income Tax Deduction
Avg savings: $2,000/yr
Max: $10,000
Sales Tax Deduction
Avg savings: $1,500/yr
Max: $10,000
Local Income Tax Deduction
Avg savings: $600/yr
Max: $10,000
State Disability Insurance (SDI)
Avg savings: $400/yr
How Tax Deductions Work
Tax deductions reduce your taxable income, which lowers the amount of tax you owe. For example, if you earn $80,000 and claim $10,000 in deductions, you only pay tax on $70,000. The actual savings depend on your tax bracket — a $10,000 deduction saves $2,200 in the 22% bracket but $3,700 in the 37% bracket.
Tax credits, on the other hand, directly reduce your tax bill dollar-for-dollar. A $2,000 tax credit saves exactly $2,000 regardless of your bracket. Some credits are refundable, meaning you can receive money even if you owe no tax.