This article is up to date and accounts for tax law changes for tax year 2018 (tax returns filed in 2019). Learn more about tax reform enacted under the Tax Cuts and Jobs Act here.
Interested in lowering your tax bill? First, check out these 9 deductions, and then have a look at TaxSlayer’s deduction finder to see what else you might qualify for. Let’s see how much money you can save this tax season!
Teacher out-of-pocket expenses can be deducted for up to $250 to cover classroom items such as books, equipment, and other supplies.
Student loan interest is the interest you paid during the year. To claim this deduction (as an adjustment to your income—no need to itemize), you must meet these 5 requirements.
Home office deductions can be taken using one of two methods. Read more here.
IRA contributions to a traditional IRA may be deductible, or you could take a credit that matches a percentage of what you contributed. However, you must have earned income. Before you take this deduction, find out what counts as earned income.
Work-related education expenses must be for education that sustains your current job skills or knowledge or improves upon them. Check out these other deductions you can take related to your job.
Sale of your home. Let’s say you made a profit when you sold your home. See if you qualify to exclude the gain from your tax return.
Don’t forget to use TaxSlayer’s deduction finder—available in every product—to ensure you get your maximum refund.