The most common tax deductions for 2025 include:
- Standard deduction: $13,850 for single filers, $27,700 for married filing jointly
- Mortgage interest on loans up to $750,000
- State and local taxes (SALT) up to $10,000
- Charitable contributions
- Medical expenses exceeding 7.5% of AGI
- Student loan interest up to $2,500
Remember that you must choose between taking the standard deduction or itemizing deductions – you cannot do both. For most taxpayers, the standard deduction offers greater tax savings unless their itemized deductions exceed the standard deduction amount.