What are some common tax deductions for 2014 1040 tax returns?


Quick Answer

Some of the common, or standard, deductions that will be used by IRS Form 1040 filers for tax year 2014 are those allowed for filers who qualify for the status of Married, Head of Household, Married Filing Jointly and Married Filing Separately. The amounts allowed for the standard deductions have been increased for tax year 2014 to account for the rate of inflation. Other deductions and credits include Individual Retirement Account (IRA) Contributions, the Child Tax Credit, the Earned Income Tax Credit (EITC) and the Federal Estate Tax Exemption.

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Full Answer

Because mortgage interest is tax-deductible under the current tax laws, many homeowners are able to use the interest paid on their mortgage payments as a federal tax deduction. With some minor restrictions, the interest paid on a home equity loan, or second mortgage, is also allowed as a deduction. In addition, homeowners can claim the local real estate taxes they paid as a federal tax deduction.

Many home renovations and major appliance purchases that are energy-efficient or make use of green energy carry federal tax-break credits. The U.S. Environmental Protection Agency's Energy Star website provides taxpayers with information regarding what types of purchases and home improvements qualify.

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