Common Tax Deductions and Credits People Miss
A handful of overlooked items account for most of the money left on the table each filing season.
Check these before filing, even if you use software
Tax software surfaces most deductions automatically, but only if you enter the underlying information — these are the categories people forget to enter in the first place.
Above-the-line deductions
Student loan interest, HSA contributions, and traditional IRA contributions can reduce taxable income even if you take the standard deduction — they're separate from itemizing. These are easy to miss because they don't require itemizing to claim.
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Credits vs. deductions
A credit reduces your tax bill dollar-for-dollar, while a deduction only reduces the income that gets taxed — credits are generally more valuable. Education credits and dependent care credits are commonly under-claimed simply because people don't realize they qualify.
State-specific items
Many states offer their own deductions and credits separate from federal ones — for things like 529 plan contributions or state-specific energy efficiency upgrades. These are easy to miss because federal-focused guides don't always mention them.