Deductions & Credits
Deductions reduce the income you are taxed on; credits reduce the tax itself. These pages explain the ones people search for most, with the rules in plain English and links to IRS instructions.
General information only — not tax, legal or financial advice. Verify current figures at IRS.gov. Full disclaimer.
Standard Deduction vs. Itemized Deductions: Which Is Better?
Standard deduction vs itemized: 2025 and 2026 standard deduction amounts, what you can itemize, the SALT cap, how to compare and when itemizing pays off.
Get the answerChild Tax Credit: Requirements, Amounts and Income Limits
Child tax credit rules: the $2,200 credit for 2025, age and SSN requirements, income phase-outs, the refundable portion and how it differs from the credit for other dependents.
Get the answerEarned Income Tax Credit (EITC): Who Qualifies and How Much Is It?
EITC eligibility rules, 2025 and 2026 maximum credit amounts, income limits, qualifying children, investment income limit, and how to claim it correctly.
Get the answerStudent Loan Interest Deduction: Limit, Income Phase-Out and How to Claim It
Student loan interest deduction: the $2,500 maximum, income phase-out ranges, who qualifies, Form 1098-E, and how it works if you are on autopay or a parent paying.
Get the answerHome Office Deduction: Who Qualifies and How to Calculate It
Home office deduction rules for self-employed people: regular and exclusive use, simplified $5 per square foot method, regular method, employee limits and recordkeeping.
Get the answerBusiness Mileage Deduction: IRS Standard Mileage Rates for 2025 and 2026
IRS standard mileage rates for 2025 and 2026 (business, medical, charity), what miles qualify, how to keep a mileage log, and when to use actual expenses instead.
Get the answerCharitable Donations Tax Deduction: Rules, Limits and Records
How the charitable contribution deduction works: itemizing, qualified organizations, cash and property rules, AGI limits, recordkeeping, and the new rules beginning in 2026.
Get the answerHSA Tax Deduction: 2025 and 2026 Contribution Limits and Rules
Health savings account tax benefits: 2025 and 2026 contribution limits, who is eligible, catch-up contributions, Form 8889 and the triple tax advantage.
Get the answerSaver’s Credit: Get a Tax Credit for Retirement Contributions
How the saver’s credit works: who qualifies, AGI limits, credit percentages, eligible contributions, how to claim it on Form 8880 and what to know about changes.
Get the answerNo Tax on Tips and Overtime? The New 2025–2028 Deductions Explained
The new federal deductions for qualified tips, overtime pay, car loan interest and seniors (2025–2028): limits, income phase-outs, Schedule 1-A and common misconceptions.
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General information only — not tax, legal or financial advice. Tax figures change every year; verify the current numbers at IRS.gov or with a qualified professional. Read the full disclaimer.