📌 Key Takeaway: Beyond mortgage interest and charitable giving, commonly missed deductions include student loan interest, HSA contributions, and educator expenses — each worth checking even if you plan to take the standard deduction, since some apply above the line.
Above-the-Line Deductions (Available Even With Standard Deduction)
- Student loan interest — up to $2,500 of interest paid, subject to income limits.
- HSA contributions — contributions made outside payroll deduction reduce taxable income directly.
- Educator expenses — eligible teachers can deduct unreimbursed classroom supply costs.
- Traditional IRA contributions — deductible up to annual limits, depending on income and workplace plan access.
Itemized Deductions Often Overlooked
- State income or sales tax paid (whichever is higher, within the SALT cap).
- Points paid on a mortgage in the year of purchase.
- Non-cash charitable donations (clothing, household items) at fair market value.
Self-Employed-Specific Deductions
Home office, mileage, health insurance premiums, and retirement plan contributions are among the deductions self-employed filers most commonly miss — see our self-employed tax guide for details.
This page is for educational purposes and isn't personalized financial or tax advice. Figures, rates, and program details change frequently — confirm current terms directly with lenders, tax professionals, or the IRS before acting.