News & Publications from the IRS website
Tax Deductions That Can Help You Save More
For your convenience, we present you with 10 income tax deductions that can help you save more.
1
Sales Tax
If the state you are living in does not impose an income tax, then you can save big money with this deduction. Big purchases like a car, an engagement ring, and home building materials need to be itemized to take the deductions. You can easily do that with the calculator the IRS has on its website. It varies by your state and income level.
Beginning in 2018, the limit for itemized tax-deductible expenses is $10,000 per year, and you may deduct either state and local sales tax or state and local income taxes, but not both.
2
Charity Expenses
Charity expenses are among the most helpful ones that let you save money spent on good deeds. Not only are the charities made deductible, but the money spent traveling to any charitable trust also works as a saver on your tax liability. Even the money spent buying stamps for a school fundraiser counts as a charitable donation. Do not forget to keep a receipt of your charity donations.
3
Moving Expenses when Relocating for a Job
If you are leaving your hometown and moving to another city for your first job, you are eligible to claim the expenses incurred while moving there. However, the money spent searching for that first job carries tax liability and does not offer a deduction.
Deductions 4–10 continue from the current site
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