Streamlined Tax Savings
Tax season doesn't have to mean drowning in a sea of crumpled receipts. The IRS actually lets you claim dozens of legitimate deductions using nothing more than basic records, bank statements, or simple logs. With the cost of living at all time highs, every dollar counts, and these are an easy way to save a little dough.
Standard Mileage Deduction For Business Travel
The IRS updates this rate every year to reflect changing costs—for 2026, it is 72.5 cents per mile, covering fuel, depreciation, and maintenance in one government-approved figure. This deduction applies when you use your personal vehicle for business purposes.
Standard Mileage Deduction (Cont.)
You'll need to maintain a mileage log documenting dates, destinations, business purposes, and miles driven, but the beauty is that actual expense receipts aren't required. The vehicle must be one you own or lease, and generally, you need to choose the standard mileage method from the first year.
Home Office Deduction (Simplified Method)
Your dedicated workspace can generate up to $1,500 in deductions through this streamlined approach introduced in 2013 for home-based workers. The space has to serve regularly and exclusively as your principal place of business or client meeting area, but there's no need to dig through utility bills.
Home Office Deduction (Cont.)
The simplified method provides $5 per square foot for up to 300 square feet of qualifying space. You can still claim full home-related itemized deductions like mortgage interest on Schedule A without any reduction, making this method particularly attractive for those who want deduction benefits without the paperwork burden.
Student Loan Interest Deduction
Even voluntary extra payments on your student loans can reduce your tax bill, as any interest paid counts toward this deduction—paying ahead literally pays you back at tax time. You can deduct up to $2,500 annually as an above-the-line adjustment to income.
Student Loan Interest Deduction (Cont.)
The loan must have funded qualified higher education expenses for you, your spouse, or a dependent, with you being legally obligated to pay. Your lender reports the interest on Form 1098-E, which is all the documentation you need. The deduction does phase out based on modified AGI.
Health Savings Account Contributions
This deduction offers what experts call "triple tax advantages". These are contributions that lower your taxable income, the money grows tax-free, and withdrawals for medical expenses are tax-free, making HSAs one of the most powerful long-term savings tools available.
Health Savings Account Contributions (Cont.)
Your personal contributions qualify as an above-the-line adjustment even if you don't itemize, though employer contributions don't count for this deduction. You must be covered by a high-deductible health plan (HDHP) with no other disqualifying coverage to contribute.
IRA Contributions
The IRS offers catch-up contributions for those 50 and older, letting you add an extra $1,000 annually. It's their way of saying "better late than never" to retirement savers. For 2025, you could contribute up to $7,000 to a traditional IRA ($8,000 if age 50+).
IRA Contributions (Cont.)
Deductibility phases out at certain modified AGI levels, roughly $79,000–$89,000 for singles covered by a workplace plan in recent years. You have until the tax filing deadline, usually April 15, to make contributions for the previous year. Banks and custodians report your contributions.
Standard Deduction
Since the 2018 tax law changes nearly doubled this amount, approximately 90% of taxpayers now take the standard deduction instead of itemizing. This fixed deduction automatically reduces your taxable income, with amounts varying by filing status and age.
Standard Deduction (Cont.)
You'll choose the standard deduction if it exceeds your total itemized deductions, like mortgage interest or charitable contributions. The best part? It's available to most taxpayers without any proof of expenses whatsoever—no receipts, no documentation, no itemization required.
Medical Mileage Deduction
Your drive to the doctor could literally lower your taxes, especially since parking fees and tolls for medical trips can also be added to this deduction. The IRS allows 20.5 cents per mile in 2026 for transportation primarily for medical care, covering trips to doctors, hospitals, pharmacies, and similar facilities.
Medical Mileage Deduction (Cont.)
A mileage log documenting dates, miles, and purposes is sufficient; no gas receipts are needed. This deduction must be combined with other medical expenses and itemized on Schedule A, only helping you when the total exceeds 7.5% of your adjusted gross income.
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Moving Expenses For Military Personnel
This stands as one of the few moving expense deductions remaining after the 2017 tax changes eliminated them for most Americans. Military service gets special recognition from the IRS. Active-duty military members moving under permanent change of station orders can deduct unreimbursed moving expenses.
Self-Employment Tax Deduction
Being both employer and employee comes with unique tax burdens, but the IRS lets you "pay yourself back" by deducting half of your self-employment tax. Self-employment tax runs 15.3% on net earnings, covering Social Security and Medicare, calculated on Schedule SE.
Self-Employment Tax Deduction (Cont.)
This deduction effectively lowers your self-employment tax rate to approximately 14.13%. You can claim half (the employer-equivalent portion) as an above-the-line adjustment that reduces your AGI, and since it's based on your reported business income, no receipts are needed.
Jury Duty Pay Surrendered To Employer
This deduction prevents an unfair double taxation scenario where you'd pay tax on income you never actually kept. When your employer continues paying your regular salary while you serve on jury duty, they may require you to turn over your jury duty pay to them.
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Jury Duty Pay (Cont.)
If you surrender that jury pay to your employer, you can deduct the amount as an above-the-line adjustment to income without itemizing. Substantiation comes from employer statements or pay records. You don't need receipts for the jury pay itself, just documentation showing the transfer.
Qualified Business Income Deduction
Often called the "20% miracle deduction" since its 2017 introduction, this provision can deliver one of the largest tax breaks available to small business owners and pass-through entity operators. Eligible self-employed individuals and pass-through business owners can deduct up to 20% of qualified business income.
Qualified Business Income Deduction (Cont.)
You'll claim this on Form 8995 or 8995-A, with no receipts for expenses needed beyond your regular business records. Phaseouts do apply based on income levels and business type, particularly for specified service trades and businesses, so high earners in certain professions may see reduced benefits.
Retirement Plan Contributions
Some employer plans offer a "mega backdoor" Roth contribution, a strategy that turns extra savings into tax-free growth for those who can maximize their contributions. For employees, contributions to employer plans like 401(k)s are often pre-tax, automatically reducing your taxable income.
Retirement Plan Contributions (Cont.)
Self-employed individuals can deduct SEP-IRA or similar contributions, typically up to 25% of compensation, on their tax return. These contributions are reported via your W-2 or Form 5498, so no receipts beyond contribution confirmations are required to claim the deduction.
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Alimony Payments
The tax treatment of alimony changed dramatically for divorces finalized after 2018, making pre-2019 agreements a "grandfathered" tax perk that won't be available to newer divorcees. If your divorce was finalized before 2019, you, as the payer, can deduct alimony payments as an adjustment to income.
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