What are the most common tax deductions for individuals in 2025?.

In 2025, the most common tax deductions for individuals include:

Key Facts

• Mortgage Interest: Homeowners can deduct interest on mortgages up to $750,000.
• Student Loan Interest: Up to $2,500 can be deducted, subject to income limits.
• Medical Expenses: Deductions apply if expenses exceed 7.5% of adjusted gross income.
• Charitable Contributions: Donations to qualifying charities can be deducted.

Examples or Use Cases

• A homeowner with a mortgage can significantly reduce their tax burden through mortgage interest deductions.
• A taxpayer with high medical expenses can claim deductions if qualifying costs exceed the income threshold.

FAQs

• Can I still claim deductions if I take the standard deduction? No, you cannot claim itemized deductions alongside the standard deduction.
• What records do I need to keep for deductions? Maintain receipts, bank statements, and tax documents as proof.