Skip to main content
Warren
Try Warren Free

Tax deductions checklist

Maximize your refund and minimize your tax bill. Find every deduction you are entitled to and check whether itemizing beats the standard deduction.

Tax savings calculator

Compare your estimated itemized deductions with the standard deduction for your filing status.

Your tax details

Tax deductions checklist

Work through each category and tick the deductions that apply to you.

Itemized Deductions

Specific expenses you can deduct instead of taking the standard deduction

Potential savings
$3,000-15,000
Difficulty
Medium

  • Interest paid on home loans up to $750K

    Max: No limit (on qualifying interest)

    Requirements

    • Must be secured by qualified home
    • Mortgage debt up to $750K
    • Used to buy, build, or improve home

    Documentation needed

    • Form 1098 from lender
    • Records of home improvements
    • Closing statements

    Tip: Consider accelerating mortgage payments at year-end to increase current year deduction

    Common mistakes: Including principal payments, Deducting interest on loans over $750K, Missing points paid

  • State income taxes, local taxes, and property taxes

    Max: $40,400 combined limit

    Requirements

    • Must choose between income tax or sales tax
    • Property taxes must be on eligible property
    • Taxes must be imposed and paid in tax year

    Documentation needed

    • Property tax statements
    • State income tax payments
    • Sales tax receipts (if claiming)

    Tip: Time property tax payments strategically and consider bunching deductions

    Common mistakes: Exceeding $40,400 limit, Including federal taxes, Double-counting estimated payments

  • Donations to qualified charitable organizations

    Max: 50-60% of AGI (varies by organization)

    Requirements

    • Must be to qualified 501(c)(3) organization
    • Have proper documentation
    • No benefit received in return

    Documentation needed

    • Written acknowledgment for $250+
    • Receipts for all donations
    • Appraisals for non-cash over $500

    Tip: Bunch charitable giving in one year or use donor-advised funds

    Common mistakes: Missing documentation, Overvaluing non-cash donations, Donating to non-qualified organizations

  • Unreimbursed medical costs exceeding 7.5% of AGI

    Max: No limit (above 7.5% AGI threshold)

    Requirements

    • Must exceed 7.5% of AGI
    • For you, spouse, or dependents
    • Primarily for medical care

    Documentation needed

    • Medical bills and receipts
    • Insurance statements
    • Mileage logs for medical travel

    Tip: Bundle medical procedures in one year and track all eligible expenses including travel

    Common mistakes: Including reimbursed expenses, Missing eligible expenses, Not tracking mileage

Year-end tax strategies

Four moves to make before the deadlines pass.

  1. Bunch Deductions

    Medium

    Accelerate itemized deductions into one year to exceed standard deduction

    Potential savings
    $1,000-5,000
    Deadline
    December 31
    Time to implement
    2-4 weeks

    Requires: Itemized deductions near standard deduction, Ability to time payments, Cash flow availability.

  2. Maximize Retirement Contributions

    Easy

    Contribute to tax-deferred accounts to reduce current year taxes

    Potential savings
    $1,500-15,000+
    Deadline
    April 15 (IRA) / December 31 (401k)
    Time to implement
    1-2 weeks

    Requires: Earned income, Available cash, Retirement account access.

  3. Tax-Loss Harvesting

    Medium

    Sell losing investments to offset capital gains

    Potential savings
    $500-3,000+
    Deadline
    December 31
    Time to implement
    1-3 weeks

    Requires: Taxable investment accounts, Unrealized losses, Capital gains to offset.

  4. Charitable Giving Optimization

    Medium

    Use appreciated assets or donor-advised funds for maximum benefit

    Potential savings
    $1,000-10,000+
    Deadline
    December 31
    Time to implement
    2-6 weeks

    Requires: Charitable intent, Appreciated assets or cash, Qualified organizations.

Frequently asked questions

Should I itemize deductions or take the standard deduction?
Itemize only if your total itemized deductions exceed the standard deduction ($16,100 single, $32,200 married filing jointly for 2026). Track all potential deductions to compare.
What documentation do I need for deductions?
Keep receipts, statements, and records for all deductions. For donations over $250, you need written acknowledgment. For business expenses, maintain detailed logs with dates, amounts, and business purposes.
Can I time my deductions to maximize tax savings?
Yes, you can accelerate or defer certain deductions. Pay property taxes early, bunch charitable contributions, or time medical procedures to maximize deductions in one year.
What's the difference between business and employee deductions?
Business deductions (Schedule C) reduce both income and self-employment taxes. Most employee expenses are no longer deductible except for specific situations like military moves or educator expenses.
Do large deductions increase audit risk?
Legitimate deductions with proper documentation shouldn't increase audit risk significantly. However, unusually large deductions relative to income may trigger review. Always ensure deductions are legitimate and well-documented.
Can I carry over unused deductions to next year?
Some deductions like charitable contributions and capital losses can be carried forward. Net operating losses and some business deductions may also carry over. Consult tax rules for specific limitations.

This checklist and calculator are for educational purposes only. Deduction limits and the standard deduction change each year, and the calculator uses simplified 2026 brackets. Consult a qualified tax professional before filing.

By the numbers

What the data says

National figures from the sources shown, as of the period on each card. They are context, not a forecast or advice for your situation.

Ready to maximize your tax savings?

Use this checklist to claim every deduction you are entitled to. Warren keeps the records in one place so filing is simpler.

Try Warren FreeMore tax resources