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

For 2025, there are several key tax deductions you should be aware of. Standard deductions have increased slightly due to inflation adjustments. If you itemize, you can deduct mortgage interest, state and local taxes (capped at $10,000), and medical expenses above 7.5% of your adjusted gross income. Contributions to traditional IRAs and 401(k)s are tax-deductible, subject to income limits. Charitable donations, even without itemizing, can be deducted in certain cases. Educators can deduct up to $300 for classroom supplies. Self-employed individuals may deduct home office expenses, health insurance premiums, and a portion of self-employment tax. Always check eligibility rules and consider consulting a tax professional to ensure you're maximizing your deductions correctly and legally.