Maximizing Deductions & Credits

Keep more of your hard-earned money. Learn how to streamline the process of maximizing your deductions with these helpful tips on record-keeping, categorization, and staying up-to-date on tax laws.

Tips & Tricks

Standard vs. Itemized

Evaluate whether taking the standard deduction or itemizing expenses saves you more.

1

Keep Detailed Receipts

Save receipts and documents for every deductible expense.

2

Organize by Category

Group deductions into categories such as home, medical, education, and charitable.

3

Record Work-Related Costs

Track all work-related expenses, even if you’re not self-employed.

4

Monitor Education Expenses

Keep careful records of tuition, fees, and other eligible educational costs.

5

Document Home Expenses

Record mortgage interest, property taxes, and home office costs.

6

Log Medical Expenses

Maintain a detailed log of all non-reimbursed medical expenses.

7

Stay Updated on Law Changes

Regularly review IRS updates on deductions and credits.

8

Utilize Tax Software

Use features that automatically identify potential deductions and credits.

9

Consult a Tax Professional

When in doubt, get advice to ensure you’re claiming every eligible deduction.

10

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