Tax Deductible Expenses
Are you getting all the deductions you deserve? Find out what you may be missing
Deductions allow you to reduce your taxable income and thus reduce your tax bill. Most taxpayers are entitled to the standard deduction - a fixed amount that reduces the amount of income on which you are taxed. However, certain kinds of deductions are called itemized deductions. If you have enough of them to beat the standard deduction, it is usually a good idea to itemize instead.
For many taxpayers, purchasing a home is the event that makes itemizing worthwhile. Most tax payers will not be able to itemize with the new 2022 tax reform, due to the fact that the standard deduction amount have increased.
See a complete list of deductions, whether filing as an individual or for a business: IRS Credits and Deductions