Deduction Maximizer
Track and optimize your tax deductions
$56,050
Total Deductions
$46,950
Verified
$13,851
Estimated Savings
1
Need Documentation
Mortgage Interest
$18,650
Property Tax
$9,800
Charitable Donations
$5,700
State & Local Tax
$10,000
Home Office
$1,500
Business Expenses
$4,200
Medical Expenses
$3,400
Education
$2,800
Itemized vs Standard Deduction
Your itemized deductions total $56,050. The 2024 standard deduction for married filing jointly is $29,200.
You should
Itemize
Save $26,850 more
Primary residence mortgage interest
VerifiedMortgage Interest - Added 1/18/2025
$18,650
Saves $4,476
Property taxes - 123 Oak Street
VerifiedProperty Tax - Added 1/10/2025
$9,800
Saves $2,352
Cash donations to qualified charities
VerifiedCharitable Donations - Added 12/20/2024
$5,700
Saves $1,368
State income tax paid
VerifiedState & Local Tax - Added 1/15/2025
$10,000
Saves $2,400
Home office deduction (simplified method)
PendingHome Office - Added 10/5/2024
$1,500
Saves $465
Self-employment business expenses
Needs DocsBusiness Expenses - Added 11/15/2024
$4,200
Saves $1,302
Medical expenses (above 7.5% AGI threshold)
PendingMedical Expenses - Added 12/1/2024
$3,400
Saves $816
Continuing education courses
VerifiedEducation - Added 8/20/2024
$2,800
Saves $672
Charitable Giving
Consider bunching 2 years of donations using a Donor-Advised Fund to exceed the standard deduction threshold.
Home Office
If you work from home regularly, you may qualify for the home office deduction using the simplified method.
Medical Expenses
Track medical expenses exceeding 7.5% of your AGI. Consider scheduling procedures before year-end.
Property Tax Prepayment
You've reached the $10,000 SALT cap. Consider other strategies for state tax optimization.