Some of the most common tax deductions for individual taxpayers include the standard deduction, deductions for charitable contributions and deduction of the standard mileage rate, according to the Internal Revenue Service(IRS). Other deductions include deductible business expenses, business use of a vehicle and business travel expenses. Bad debt, student loan interest and medical and dental expenses are also some common deductions.Continue Reading
Many of the deductions that are taken by taxpayers are generated by business activity, reports the IRS. For example, the standard mileage rate of 56 cents per mile is a common deduction for taxpayers who use their vehicles in their jobs. Taxpayers working from home can deduct a portion of the expense of operating a home office, provided that certain conditions are met. Business travel expenses and business entertainment expenses are also common.
Education deductions are common too, notes the IRS. For example, qualified taxpayers paying student loan interest can deduct that interest when filing a tax return. Fees and tuition can also be deducted, as can work-related educational expenses. Teachers can deduct some of the supplies they purchase out of pocket for their classrooms.
Many deductions are not available to taxpayers who take the standard deduction, since their total deductions do not exceed the allowed standard deduction, reports the IRS. The standard deduction for most married couples filing a joint return in 2014 was $12,400. Unless deductions greater than this amount can be documented, most people just take the standard deduction when filing.Learn more about Taxes