8 Tax Deductions You Might Not Know About

ARTICLE | February 24, 2025

Authored by Vasquez + Company

The debate between taking the standard deduction or itemizing has changed dramatically in recent years. Many people once found it worthwhile to itemize, but with certain provisions from the Tax Cuts and Jobs Act (TCJA) larger standard deduction amounts now frequently tip the scale against itemizing. At the same time, the TCJA provisions that raised the standard deduction and tweaked key itemized deductions are set to expire after 2025—although they could be extended or modified, depending on future tax legislation.

If you are near the threshold of whether itemizing or taking the standard deduction is more beneficial, it is important to understand some of the lesser-known deductions that might add up to real savings. Listed in the article are eight deductions worth considering. While each comes with special requirements and limitations, for the right situation, they can make a significant difference on a personal tax return.

Read the full article here.

As always, consult with a tax professional for advice tailored to your personal circumstances. Awareness and good recordkeeping are key to enjoying any tax break you qualify for, so keep necessary documentation on hand.

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