Tax Deduction Calculator
Use this calculator to see how much you can save on your taxes by claiming various deductions. Find out the true value of your tax deductions based on your income level and filing status.
Tax Deduction Calculator
Calculate how much you can save in taxes by claiming various deductions.
Tax Deduction Calculator
Income & Filing Information
Deduction Details
Tax Deduction Savings
How to Use This Calculator
This calculator helps you make informed financial decisions by providing accurate estimates based on the information you provide. Follow these steps:
Enter Your Details
Fill in all required fields with your financial information.
Adjust Parameters
Use sliders and toggles to customize scenarios and assumptions.
View Results
Get instant calculations that update as you change inputs.
Compare Options
Try different scenarios to find the best financial solution.
Understanding Tax Deductions
Tax deductions reduce your taxable income before your tax liability is calculated. Since the U.S. has a progressive tax system, the value of a deduction depends on your marginal tax rate.
Standard vs. Itemized Deductions
You have two options for tax deductions:
- Standard deduction: A fixed amount based on your filing status that requires no additional documentation.
- Itemized deductions: A list of eligible expenses that you can deduct if their total exceeds your standard deduction.
Above-the-Line vs. Below-the-Line Deductions
Tax deductions fall into two categories:
- Above-the-line deductions: These reduce your adjusted gross income (AGI) and are available whether you itemize or take the standard deduction.
- Below-the-line deductions: These are itemized deductions that only provide benefit if you forgo the standard deduction.
Common tax deductions include charitable contributions, mortgage interest, state and local taxes, medical expenses, and retirement plan contributions. The value of many deductions phases out at higher income levels.