A tax-deductible expense is one that you can deduct from your adjustable gross income when you file your taxes for the year. Deducting these costs reduces your taxable income, and the lower your taxable income, the less you'll pay in taxes. When looking at potential homeowner-tax deductions, it's crucial to know the differences between standard and itemized deductions. A standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed, based on your filing status, age, and other variables. Itemized deductions include each individual deduction, such as certain homeowner expenses and charitable donations. When filing your income taxes, you must choose either the standard deduction or itemized deductions, not both. Here are the standard deductions for the 2021 tax year: Single or married filed separately: $12,550 Married filing jointly or eligible widow/widower: $25,100 Head of household: $18,800 And here are the standard deductions for the 2022 tax year: Single or married filed separately: $12,950 Married filing jointly or eligible widow/widower: $25,900 Head of household: $19,400 If itemized deductions would decrease your taxable income by more than the standard deduction, you'll probably want to include the following deductions for homeowners to save even more money.