The 11 best tax deductions to consider claiming on your federal income tax return are the standard deduction, IRA contributions, HSA deductions, state and local taxes, medical expenses, home office deduction, student loan interest, mortgage interest, charitable contributions, educators expense deduction, and investment losses.
These deductions can help taxpayers reduce their taxable income or even receive a refund from the IRS. Homeowners may also benefit from additional deductions including mortgage interest and property taxes.
It's important to note that some deductions are reported on Schedule A of 1040, while others require a separate form, such as Form 8949 for investment losses or Form 5498 for IRA contributions.