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You can only claim certain tax deductions if you’re itemizing on your tax return. Read on to learn which ones you can claim no matter what.
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When it comes to filing your taxes, you have a choice. You can itemize deductions on your tax return, or you can claim the standard deduction. The latter could mean doing a lot less work — and also, coming out ahead financially.
The standard deduction hinges on your tax-filing status. For 2022 (which is the year you’re filing taxes for this April), the standard deduction is:
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$12,950 for single tax-filers and those married filing separately$25,900 for married couples filing jointly$19,400 for heads of household
If you’re able to itemize deductions, including expenses like mortgage interest, that result in a higher deduction than the standard deduction you’re eligible for, then itemizing on your return makes sense. But perhaps you’re better off claiming the standard deduction because it’s a higher number.
If that’s the case, you might assume you can’t claim any tax deductions on your return. But that’s not true. There are certain tax deductions, like mortgage interest and medical expenses, that do require you to itemize. But here are some deductions you can claim even if you don’t.
1. IRA contributions
Funding a traditional IRA account is a great way to save for retirement. And the money you put into your IRA will exempt a portion of your income from taxes. IRA contributions are deductible on your taxes whether you itemize or not. And you can even take until April 18, this year’s tax-filing deadline, to finish contributing to your 2022 IRA if you haven’t yet maxed out.
2. HSA contributions
HSAs, or health savings accounts, allow you to set aside pre-tax dollars for medical spending. You can take HSA withdrawals to cover near-term medical bills or invest funds you don’t need right away and save them for the future. Like IRAs, HSA contributions are deductible even if you don’t itemize on your taxes. And you can also finish funding your 2022 HSA by April 18 this year for it to count for 2022 tax purposes.
3. Educator expenses
It’s a pretty well-known fact that teachers often spend money out of their own pockets on things like classroom supplies. As long as you keep receipts of those purchases, you can deduct up to $300 in educator expenses on your 2022 tax return, even if you don’t itemize. If you’re married filing a joint return with a spouse who’s also an educator, your total deduction comes to $600.
4. Self-employment tax
All workers are required to pay taxes used to fund Medicare and Social Security. When you work for a company, you split those taxes with your employer. When you’re self-employed, you’re required to cover them in full. The good news, though, is that half of your self-employment tax bill is deductible when you file your return, even if you don’t itemize.
Get the tax breaks you’re eligible for
The tax code is loaded with rules and provisions that could help save you money. It pays to do some research to see which deductions are available to filers who opt not to itemize if you fall into that category.
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