Common Deductions Individuals Can Claim on Their Tax Returns

When filing your tax return, there are several common deductions that individuals can claim to reduce their taxable income and potentially lower the amount of tax they owe. Some of the most common deductions include:

1. Mortgage Interest: Individuals can often deduct the interest paid on their mortgage for their primary residence.
2. Charitable Donations: Donations made to eligible charities can usually be deducted on your tax return.
3. Medical Expenses: Qualifying medical expenses that exceed a certain percentage of your adjusted gross income can be deducted.
4. Educational Expenses: Some educational expenses, such as tuition fees and student loan interest, may be deductible.
5. State and Local Taxes: Individuals can often deduct state and local income taxes, as well as property taxes, on their federal tax return.

It's important to keep detailed records and receipts for any deductions claimed on your tax return to support your claims in case of an audit.

By taking advantage of these common deductions, individuals can potentially reduce their tax liability and keep more of their hard-earned money.