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🎧 Listen Now on SpotifyTax Savings Guide
Unlock Hidden Tax Savings
Many of the most valuable tax breaks aren't on the main Form 1040. This guide helps you discover deductions and credits you might be missing on Schedules 1 and 3.
Find Your BenefitsBenefit Finder
Check the boxes that apply to you to see potential tax benefits you could claim.
Your potential benefits will appear here as you make selections.
Reduce Your Taxable Income
Schedule 1 deductions are powerful because they lower your Adjusted Gross Income (AGI). You can claim them even if you don't itemize, and a lower AGI can help you qualify for even more tax breaks.
🧑🏫 Educator Expenses
Eligible educators can deduct up to $300 for unreimbursed school supplies and classroom materials.
🏥 Health Savings Account (HSA)
Contributions you make to an HSA are fully deductible, allowing you to save for future medical costs tax-free.
💼 Self-Employment Deductions
Deduct one-half of your SE taxes, contributions to self-employed retirement plans, and health insurance premiums.
🎓 Student Loan Interest
You can deduct up to $2,500 of the interest you paid on student loans for yourself, a spouse, or a dependent.
💰 IRA Deduction
Contributions to a traditional IRA are often deductible, reducing your current tax bill while you save for retirement.
➕ Other Deductions
Includes deductions for penalties on early withdrawal of savings, alimony paid (for older agreements), and more.
Deduction vs. Credit: What's the Difference?
A deduction lowers your taxable income. A credit reduces your tax bill dollar-for-dollar. Use the slider to see why credits are often more valuable.
Directly Reduce Your Tax Bill
Schedule 3 credits directly reduce the amount of tax you owe. Some are even refundable, meaning you can get money back even if your tax liability is zero.
👶 Child & Dependent Care
A nonrefundable credit to help pay for the care of a child or dependent, allowing you to work or look for work.
📚 Education Credits
The American Opportunity and Lifetime Learning credits help offset the costs of higher education.
💰 Saver's Credit
A credit for low-to-moderate income taxpayers who save for retirement in an IRA or workplace plan.
💡 Clean Energy Credits
Valuable credits for purchasing clean vehicles or making energy-efficient home improvements like installing solar panels.
🌎 Foreign Tax Credit
Prevents double taxation by giving you a credit for income taxes you've already paid to another country.
💸 Refundable Credits
Includes the Premium Tax Credit for marketplace health insurance and a credit for excess Social Security tax withheld.
