A list of valid deductions for the year 2014 is available on IRS.gov, according to the Internal Revenue Service. Taxpayers can click the Credits and Deductions tab to reveal a variety of available listings, including business and personal tax deductions.
Common tax credits and deductions include the Earned Income Tax Credit and the Child and Dependent Care Credit, explains the IRS. There are a number of different credits for both small and large businesses, as well as different business deductions, all outlined on the IRS website. Aside from the standard deduction for individual taxpayers, common deductions include state and local taxes, as well as charitable contributions.