Tax Deduction Guide 2026
Find every tax deduction and credit you qualify for. Complete guide to 243+ deductions across 18 categories with eligibility requirements and savings estimates.
Business
(71)Employee Wages and Benefits
Avg savings: $50,000/yr
Section 179 Expensing
Avg savings: $25,000/yr
Max: $1,160,000
Employer-Provided Childcare Credit
Avg savings: $25,000/yr
Max: $150,000
Section 179 Expense Deduction
Avg savings: $25,000/yr
Max: $1,160,000
Bonus Depreciation
Avg savings: $20,000/yr
Business Energy Investment Tax Credit (ITC)
Avg savings: $20,000/yr
Net Operating Loss Carryforward
Avg savings: $20,000/yr
Inventory Costs
Avg savings: $20,000/yr
Qualified Business Income (QBI)
Avg savings: $15,000/yr
Research and Experimentation Costs
Avg savings: $15,000/yr
Energy Efficient Commercial Building
Avg savings: $15,000/yr
Max: $5
Research & Development Tax Credit
Avg savings: $12,000/yr
Qualified Business Income (QBI/199A) Deduction
Avg savings: $12,000/yr
Losses from Partnerships and S-Corps
Avg savings: $10,000/yr
Contract Labor
Avg savings: $10,000/yr
Qualified Business Income (QBI)
Avg savings: $8,000/yr
Net Operating Loss (NOL) Deduction
Avg savings: $8,000/yr
Depreciation (Business Property)
Avg savings: $8,000/yr
Rent on Business Property
Avg savings: $8,000/yr
Commercial Clean Vehicle Credit
Avg savings: $7,500/yr
Max: $40,000
Clean Vehicle Deduction (Business)
Avg savings: $7,500/yr
Business Vehicle Deduction
Avg savings: $6,500/yr
Standard Mileage Deduction
Avg savings: $6,000/yr
Max: $50,000
Domestic Production Activities Deduction
Avg savings: $5,000/yr
Employee Retention Credit (ERC)
Avg savings: $5,000/yr
Max: $7,000
Business Startup Costs Deduction
Avg savings: $5,000/yr
Max: $5,000
Commission Expenses
Avg savings: $5,000/yr
Soil and Water Conservation
Avg savings: $5,000/yr
Startup Costs Deduction
Avg savings: $5,000/yr
Max: $5,000
Reforestation Amortization
Avg savings: $5,000/yr
Max: $10,000
Business Interest Expense
Avg savings: $5,000/yr
Domestic Production Activities
Avg savings: $5,000/yr
Business Equipment Depreciation
Avg savings: $5,000/yr
Business Use of Personal Vehicle
Avg savings: $4,500/yr
Business Travel Deduction
Avg savings: $4,000/yr
Business Interest Deduction
Avg savings: $4,000/yr
Small Employer Health Insurance Credit
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
Listed Property Depreciation
Avg savings: $3,500/yr
Business Travel Expenses
Avg savings: $3,500/yr
Max: $10,000
Business Insurance Deduction
Avg savings: $3,000/yr
Advertising & Marketing
Avg savings: $3,000/yr
Business Bad Debt Deduction
Avg savings: $3,000/yr
Bad Debt Deduction
Avg savings: $3,000/yr
Legal and Professional Fees
Avg savings: $3,000/yr
Shipping and Postage
Avg savings: $3,000/yr
Advertising and Marketing Costs
Avg savings: $3,000/yr
Business Meals Deduction
Avg savings: $2,500/yr
Professional Services
Avg savings: $2,500/yr
Disabled Access Credit
Avg savings: $2,500/yr
Max: $5,000
Self-Employment Tax Deduction
Avg savings: $2,500/yr
Disabled Access Credit (Form 8826)
Avg savings: $2,500/yr
Max: $5,000
Work Opportunity Tax Credit (WOTC)
Avg savings: $2,400/yr
Max: $9,600
Business Education
Avg savings: $2,000/yr
Cleaning and Maintenance
Avg savings: $2,000/yr
Utilities for Business
Avg savings: $2,000/yr
Business Meals Deduction
Avg savings: $2,000/yr
Business Insurance Premiums
Avg savings: $2,000/yr
Organizational Costs
Avg savings: $2,000/yr
Max: $5,000
Office Supplies & Equipment
Avg savings: $1,500/yr
Professional Development Deduction
Avg savings: $1,500/yr
Simplified Home Office Deduction
Avg savings: $1,500/yr
Max: $1,500
Business Phone & Internet
Avg savings: $1,200/yr
Office Supplies and Expenses
Avg savings: $1,200/yr
Business Phone and Internet
Avg savings: $1,200/yr
Professional Licenses and Fees
Avg savings: $800/yr
Subscriptions and Dues
Avg savings: $600/yr
Vehicle Registration Fees (Business)
Avg savings: $500/yr
Business Gifts Deduction
Avg savings: $500/yr
Max: $25
Bank Fees and Service Charges
Avg savings: $300/yr
Charitable
(14)Conservation Easement Deduction
Avg savings: $25,000/yr
Charitable Remainder Trust
Avg savings: $15,000/yr
Charitable Donations of Appreciated Stock
Avg savings: $10,000/yr
Donating Appreciated Stock
Avg savings: $8,000/yr
Charitable Cash Donations Deduction
Avg savings: $5,500/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
Charitable Non-Cash Donations
Avg savings: $2,500/yr
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
Above-the-Line Charitable Deduction
Avg savings: $75/yr
Max: $300
Education
(18)Qualified Tuition Reduction
Avg savings: $8,000/yr
Student Loan Forgiveness Tax Exclusion
Avg savings: $5,000/yr
Employer-Required Education
Avg savings: $3,000/yr
American Opportunity Tax Credit
Avg savings: $2,200/yr
Max: $2,500
Tuition and Fees (Lifetime Learning)
Avg savings: $2,000/yr
Max: $10,000
Student Loan Interest Deduction
Avg savings: $1,800/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
Education Savings Bond Interest Exclusion
Avg savings: $500/yr
Coverdell Education Savings Account Tax Benefits
Avg savings: $400/yr
Max: $2,000
Coverdell Education Savings Account
Avg savings: $300/yr
Max: $2,000
Educator Expense Deduction
Avg savings: $300/yr
Max: $300
Educator Classroom Expenses
Avg savings: $300/yr
Max: $300
Educator Expense Deduction
Avg savings: $66/yr
Max: $300
Employment
(1)Family
(12)Adoption Tax Credit
Avg savings: $10,000/yr
Max: $16,810
Alimony Deduction (Pre-2019)
Avg savings: $5,000/yr
Employer Adoption Assistance Exclusion
Avg savings: $4,000/yr
Max: $16,810
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
Household Employer Tax Obligations
Avg savings: $1,200/yr
Dependent Care FSA
Avg savings: $1,100/yr
Max: $5,000
Giving
(1)Healthcare
(8)Medical and Dental Expenses Deduction
Avg savings: $8,000/yr
Self-Employed Health Insurance
Avg savings: $8,000/yr
Medical and Dental Expenses
Avg savings: $5,000/yr
Health Savings Account (HSA)
Avg savings: $4,500/yr
Max: $8,300
HSA Contribution Deduction
Avg savings: $3,500/yr
Max: $8,300
Long-Term Care Insurance Premiums
Avg savings: $2,500/yr
Max: $5,880
Archer Medical Savings Account
Avg savings: $2,500/yr
Max: $5,450
HSA Contributions
Avg savings: $900/yr
Max: $4,150
Housing
(26)Home Sale Exclusion
Avg savings: $15,000/yr
Max: $500,000
Real Estate Professional Tax Status
Avg savings: $15,000/yr
Historic Rehabilitation Tax Credit
Avg savings: $15,000/yr
Clergy Housing Allowance Exclusion
Avg savings: $12,000/yr
Home Mortgage Interest
Avg savings: $12,000/yr
Max: $750,000
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
Property Tax Deduction
Avg savings: $5,000/yr
Max: $10,000
Military Moving Expenses
Avg savings: $4,000/yr
Rental Real Estate Safe Harbor (QBI)
Avg savings: $4,000/yr
Mortgage Interest Deduction
Avg savings: $3,500/yr
Max: $750,000
Home Accessibility Improvements
Avg savings: $3,000/yr
Real Estate Property Taxes
Avg savings: $3,000/yr
Max: $10,000
Mortgage Points Deduction
Avg savings: $3,000/yr
Energy Efficient Home Credit (45L)
Avg savings: $2,500/yr
Max: $5,000
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
Home Equity Loan Interest Deduction
Avg savings: $1,800/yr
Max: $750,000
Mortgage Insurance Premiums
Avg savings: $1,800/yr
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
International
(3)Investment
(18)QSBS Exclusion (Section 1202)
Avg savings: $100,000/yr
Max: $10,000,000
1031 Like-Kind Exchange
Avg savings: $30,000/yr
Qualified Opportunity Zone Investment
Avg savings: $20,000/yr
Opportunity Zone Investment
Avg savings: $10,000/yr
Qualified Opportunity Zone Fund 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
Passive Activity Loss Deduction
Avg savings: $5,000/yr
Max: $25,000
Qualified Dividend Tax Rate
Avg savings: $3,000/yr
Worthless Securities Deduction
Avg savings: $3,000/yr
Investment Interest Expense
Avg savings: $2,000/yr
Investment Interest Expense
Avg savings: $1,500/yr
Margin Interest Deduction
Avg savings: $1,200/yr
Foreign Tax Credit (Investments)
Avg savings: $800/yr
Investment Advisory Fees Deduction
Avg savings: $800/yr
Capital Loss Deduction
Avg savings: $660/yr
Max: $3,000
Penalty on Early Withdrawal
Avg savings: $500/yr
Medical
(14)Premium Tax Credit (ACA)
Avg savings: $6,800/yr
Self-Employed Health Insurance
Avg savings: $5,000/yr
Health Coverage Tax Credit (HCTC)
Avg savings: $3,200/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
Medical Expense AGI Threshold Planning
Avg savings: $2,000/yr
HSA Contribution Deduction
Avg savings: $1,800/yr
Max: $8,300
Medical Equipment & Devices
Avg savings: $1,500/yr
Archer Medical Savings Account (MSA)
Avg savings: $1,500/yr
Max: $3,850
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
Other
(8)Federally Declared Disaster Loss
Avg savings: $8,000/yr
Military Combat Zone Pay Exclusion
Avg savings: $8,000/yr
Professional Gambler Business Deduction
Avg savings: $5,000/yr
Innocent Spouse Relief
Avg savings: $5,000/yr
AMT Credit Carryforward
Avg savings: $3,000/yr
Estimated Tax Penalty Waiver
Avg savings: $500/yr
Tax Preparation Fees Deduction
Avg savings: $400/yr
Hobby Loss Rules & Deductions
Avg savings: $0/yr
Personal
(12)Alimony Payments (Pre-2019 Agreements)
Avg savings: $18,000/yr
Max: $100,000
Casualty and Theft Loss (Federal Disaster)
Avg savings: $15,000/yr
Max: $500,000
Alimony Paid (Pre-2019 Agreements)
Avg savings: $15,000/yr
Qualified Disaster Losses
Avg savings: $10,000/yr
Adoption Expenses
Avg savings: $8,000/yr
Max: $16,810
Alimony Paid (pre-2019)
Avg savings: $5,000/yr
Casualty and Theft Loss (Federally Declared)
Avg savings: $5,000/yr
Casualty and Theft Losses
Avg savings: $3,000/yr
Impairment-Related Work Expenses
Avg savings: $3,000/yr
State and Local Sales Tax
Avg savings: $2,000/yr
Max: $10,000
Hobby Loss (to extent of income)
Avg savings: $1,000/yr
Tax Preparation Fees (State)
Avg savings: $400/yr
Real Estate
(4)Retirement
(22)Defined Benefit Pension Plan
Avg savings: $50,000/yr
Defined Benefit Plan Contribution
Avg savings: $50,000/yr
Max: $275,000
Solo 401(k) Contribution
Avg savings: $18,000/yr
Max: $69,000
SEP-IRA Contribution
Avg savings: $15,000/yr
Max: $69,000
Retirement Plan Contributions (Solo 401k)
Avg savings: $15,000/yr
Max: $69,000
SEP-IRA Contribution Deduction
Avg savings: $12,000/yr
Max: $69,000
After-Tax 401(k) & Mega Backdoor Roth
Avg savings: $10,000/yr
Max: $69,000
Mega Backdoor Roth Strategy
Avg savings: $10,000/yr
Max: $69,000
SIMPLE IRA Contribution
Avg savings: $8,000/yr
Max: $16,000
401(k) Contribution
Avg savings: $5,060/yr
Max: $23,000
Roth IRA Conversion Strategy
Avg savings: $5,000/yr
Teachers Retirement Contributions (State)
Avg savings: $4,000/yr
SIMPLE IRA Contribution
Avg savings: $3,520/yr
Max: $16,000
Social Security Income Tax Planning
Avg savings: $3,500/yr
Railroad Retirement Tier 1 Exclusion
Avg savings: $3,000/yr
Retirement Plan Startup Credit
Avg savings: $2,500/yr
Max: $5,000
Required Minimum Distribution Planning
Avg savings: $2,000/yr
Backdoor Roth IRA Conversion
Avg savings: $2,000/yr
Max: $7,000
Catch-Up Contributions (50+)
Avg savings: $1,650/yr
Max: $7,500
Traditional IRA Contribution
Avg savings: $1,540/yr
Max: $7,000
Traditional IRA Contributions
Avg savings: $1,500/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
Taxes
(1)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.