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Video: Common Income Tax Deductions

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2017 • August 21, 2024 2:01 PM
OVERVIEW

Some common income tax deductions that can lower your annual taxes include mortgage interest, state and local property taxes, charitable contributions, and non-reimbursed work expenses. Find deductions that you are eligible for with help from TurboTax in this video on annual tax filing.

TABLE OF CONTENTS

Beginning in 2018, expenses for employees are no longer deductible as unreimbursed employee expenses.

 

Video transcript:

Hello, I'm Nick from TurboTax with some information about common tax deductions you may qualify for.

The most common way of reducing your taxable income, is to claim every deduction you're eligible for.

Each tax deduction has its own set of rules and requirements. So, ensure you qualify before claiming it on your return.

However, there are many common deductions that a large number of tax payers claim every year without any problem.

Before you start looking at the criteria for claiming each tax deduction, you need to evaluate whether you're eligible to itemize your deductions, since a majority of them can only be claimed if you itemize.

All you need to do is, add up each expense that you incurred during the year that qualifies for a tax deduction. And compare it to the Standard Deduction for the year.

If it exceeds the Standard Deduction, it is in your best interest to itemize it, since it'll result in a larger deduction.

If you file with TurboTax, we'll do this calculation for you and figure out which filing status will get you the biggest savings.

Frequently claimed tax deductions include the mortgage interest you pay on your home loan each year, state and local property taxes, charitable contributions you make, and even expenses that relate to your work, if your employer does not reimburse you.

(Beginning in 2018, expenses for employees are no longer deductible as unreimbursed employee expenses.)

For example, the mortgage interest rules allow you to claim a tax deduction for up to two homes, as long as the combined mortgages do not exceed one million dollars. Because the limitation is so high, most taxpayers will qualify.

With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.

And if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. No matter which way you file, we guarantee 100% accuracy and your maximum refund.

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~37% of filers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

Looking for more information?

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How Major Life Events Affect Your TaxesWhat extra tax deductions should I make sure to take?What are itemized tax deductions?Filing Tax Form 8862: Information to Claim Earned Income Credit after DisallowanceHow to maximize your itemized tax deductions

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • Taxable qualified retirement plan distributions

Examples of situations not included in a simple Form 1040 return:

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