Tax season is a stressful time for many people. With the new tax changes for 2021, it can be hard to keep track of what you can and can’t deduct from your taxes. This article provides a comprehensive checklist of the most common tax deductions for 2021, so you can be sure to get the most out of your taxes.
Tax Deductions Checklist 2021
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Home Office Expenses: If you’ve been working from home this year, you may be able to deduct the cost of supplies such as furniture, computers, and other office supplies.
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Charitable Contributions: Donations to qualifying charities and non-profits are tax-deductible. Make sure to keep a record of all donations in case you need to show proof.
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Medical Expenses: If you’ve had any medical expenses this year, you may be able to deduct them from your taxes. This includes health insurance premiums, doctor visits, and medications.
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Education Expenses: If you have taken any classes or paid tuition this year, you may be able to deduct a portion of the cost from your taxes. This includes tuition, books, and other educational expenses.
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Retirement Contributions: Contributions to your retirement accounts such as a 401(k) or IRA are tax-deductible.
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Investment Expenses: If you have any investment expenses such as fees or commissions, you may be able to deduct them from your taxes.
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Business Expenses: If you are self-employed, you can deduct a variety of business expenses such as travel, office supplies, and advertising.
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Moving Expenses: If you moved this year, you may be able to deduct the cost of moving your belongings, as well as the cost of travel to your new home.
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Child Care Expenses: If you are a parent, you may be able to deduct the cost of child care from your taxes. This includes daycare, preschool, and other child care expenses.
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State and Local Taxes: If you paid state or local taxes this year, you may be able to deduct them from your taxes.
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Mortgage Interest: If you have a mortgage, you may be able to deduct the interest you paid on it from your taxes.
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Student Loan Interest: If you have student loans, you may be able to deduct the interest you paid on them from your taxes.
What Can I Deduct From My Taxes?
The above checklist provides an overview