Get the Most Tax Deductions with FreeTaxUSA in 2024: Easy Tips and Tricks

Maximize your tax savings in 2024 with FreeTaxUSA by easily claiming deductions and credits.

Choose the most advantageous filing status (e.g., Married Filing Jointly, Head of Household).
Itemize deductions such as medical expenses, mortgage interest, charitable donations, and property taxes if they exceed the standard deduction.
Contribute to retirement accounts like IRAs or 401(k)s to reduce taxable income.
Ensure the standard deduction is higher than itemized deductions for your situation.
Claim all available tax credits like Earned Income Tax Credit, Child Tax Credit, and education credits.
Use FreeTaxUSA’s Deductions Finder tool to uncover potential deductions.
Track and claim business-related expenses if self-employed.
Claim depreciation and write-offs for business assets if applicable.
Track medical and health costs to potentially deduct if they exceed a percentage of your income.
Include charitable contributions and keep records to claim deductions for donations.

The standard deduction reduces your taxable income based on your filing status (single, married, or head of household).
If your deductible expenses exceed the standard deduction, you can itemize. This includes state and local taxes, mortgage interest, charitable donations, and medical expenses that are more than a percentage of your income.
Above-the-line deductions reduce your taxable income regardless of whether you itemize. These include contributions to retirement accounts, health savings accounts, and student loan interest.
Tax credits directly reduce your tax liability, such as common credits like the child tax credit, the Earned Income Tax Credit (EITC), and the Saver's Credit for retirement contributions.

Start your tax return and go to the "Deductions" section in FreeTaxUSA.
Choose to itemize deductions instead of taking the standard deduction.
Enter details for deductible expenses such as state and local taxes, mortgage interest, charitable donations, and medical expenses over a certain percentage of your income.
Review your itemized deductions and compare them to the standard deduction.
File your tax return after verifying the accuracy of your itemized deductions.