8 Tax Deductions You Didn’t Know You Could Write Off

Around tax season, the word “deduction” is music to our ears. We take a deduction and watch the amount of taxes we owe go down, reminding us that maybe taxes will work in our favor this year. So, as you wind down your tax preparation, you might be looking to add a few last-minute deductions.

There are several deductions that are commonly overlooked. We’re sharing our most common ones in hopes that you find them helpful. If you’ve already filed, bookmark this blog article as you begin planning for next year. Or, better yet, engage a financial advisor to kick off next year’s tax planning early. The sooner you plan, the more your taxes can work for you instead of against you. 

Here are the most common deductions we see clients overlook come tax time.

9 Commonly Overlooked Tax Deductions

1. Child Care Credit

Child care is a massive expense for working parents. The good news, though, is that you may be able to take a deduction of 20 to 35% up to $3,000 for one child who is up to 13 years of age. For two or more children, the deduction is up to $6,000. This deduction can also apply to disabled dependents you care for, such as a spouse or parent.

2. HSA Contributions

Any contributions you make to your HSA throughout the year can be counted as tax deductions. Note that any contributions made by your employer will not be counted.

3. Medical and Dental

If you’re paying your own medical and dental insurance premiums, you can count those expenses as a deduction (as long as they exceed 7.5% of your adjusted gross income). This deduction also applies to those who have paid medical expenses within the year that total more than 10% of their adjusted gross income; the amount is lower for those 65 years of age and older at 7.5%.

4. Student Loan Interest

Your dreaded student loans might actually save you money on your taxes. You are able to deduct the amount that you paid or $2,500, whichever is less.

5. Lifetime Learning

Education-related deductions are a fantastic incentive to continue developing your skills! You can receive a Lifetime Learning credit of up to $2,000 per year, and the credit is not limited to just four years.

6. College Savings

Some, but not all, states allow you to deduct contributions to a 529 college savings plan. You will not be able to deduct this expense from your federal taxes, however,

7. State Taxes

If you owed state taxes last year, good news! You can take an itemized deduction for that amount on this year’s return. You can deduct up to $10,000 for your state and local taxes owed the previous year.

8. Fostering a Pet

If you’ve opened your home to an animal in need, you could qualify for a deduction. Be sure to save your receipts for food, vet visits, and any other pet-related expenses.

These are just a few of the most common deductions that clients forget to include or mention to their advisor or tax accountant. Reaching out to a financial advisor will help you determine every tax deduction you might qualify for, reducing your taxes owed or even increasing your tax refund. This simple step can save you money and put you on a clear financial plan that works toward your long-term goals. 

Ask an Advisor

SageSpring Wealth Partners is a family of financial advisors who can guide you in the right direction for tax preparation. We ensure you aren’t missing possible tax breaks and that every piece of your financial plan is working to your advantage. 

Contact us to discover what holistic financial planning can do for your future.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.