Deductions are like little money-saving tools that can help you lower your taxable income. In 2024, here are some strategies to get the most out of your deductions:

1. Home Sweet Deduction

If you’re a homeowner, there are deductions waiting for you:

• Mortgage Interest: The interest you pay on your mortgage is often deductible. Keep an eye on your Form 1098 from your mortgage lender.
• Property Taxes: You might be able to deduct your property taxes, too. Check your local tax assessments.

2. Work-Related Expenses

For those who work a 9-to-5 job or run a small business, certain work-related expenses can be deducted:

• Home Office Deduction: If you work from home, a portion of your home-related expenses may be deductible.
• Business Expenses: If you’re self-employed or run a business, keep track of expenses like office supplies, travel, and other costs related to your work.

3. Education Expenses

If you’re hitting the books or helping someone else do so, there are deductions available:

• Student Loan Interest: The interest you pay on student loans might be deductible.
• Tuition and Fees Deduction: If you or a family member is pursuing higher education, you might be able to deduct tuition and certain fees.

4. Charitable Contributions

Being generous can also be a tax-saver:

• Donations to Charity: Keep records of your charitable contributions. Whether it’s money, goods, or your time, it might be deductible.

5. Health Savings Accounts (HSAs)

For those with high-deductible health plans:

• HSA Contributions: Money you put into your HSA is typically deductible. Plus, it can grow tax-free if used for qualified medical expenses.

6. Retirement Contributions

Saving for the future can bring current tax benefits:

• Contributions to Retirement Accounts: Money you contribute to retirement accounts like 401(k)s or IRAs can often be deducted.

Tips for Success:

• Stay Organized: Keep good records of your expenses and contributions.
• Explore Credits Too: While you’re at it, see if you qualify for any tax credits. They’re like supercharged deductions.
• Consult a Pro: If your tax situation is a bit more complex, consider seeking advice from a tax professional.

Remember, deductions can significantly reduce the amount of income you’re taxed on. So, take advantage of these strategies and keep more of your hard-earned money.

Happy Deducting!

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  Any opinions are those of Dan W. Nowell Wealth Management and not necessarily those of Raymond James. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.