What are the tax deductions I should know about this year?

Tax deductions can help reduce your taxable income and potentially lower your tax bill. Common deductions include mortgage interest, student loan interest, medical expenses, and charitable contributions. You can also deduct up to $300 ($600 for married couples) in charitable donations made in cash. If you are self-employed, you can deduct business expenses like office supplies and travel. Additionally, retirement account contributions, such as to an IRA or 401(k), can be deducted. Be sure to check the IRS guidelines or consult with a tax professional to understand which deductions apply to you for the current tax year.