If you qualify, you can claim these tax deductions even if you don't itemize. There are also above-the-line tax deductions for self-employed individuals.

  • Student Loan Interest Deduction — up to $2,500
  • Tuition and Fees Deduction — up to $4,000 of qualified higher education expenses
  • Moving expenses — the cost of moving your family and belongings to a new job location
  • Alimony paid
  • Military reservists deduction — a tax deduction for unreimbursed travel expenses for reservists who travel more than 100 miles from home and stay overnight
  • Traditional IRA contributions — up to $5,000 ($6,000 if 50 or older)
  • Contributions to HSAs (health savings accounts)

Above-the-line tax deductions for self-employed individuals:

  • Half of your self-employment (Social Security and Medicare) tax
  • 100% of self-employed health insurance premiums for yourself and family
  • Contributions to self-employed retirement plans, such as SEPs and SIMPLE plans


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