Tax Deduction Calculator
Calculate potential tax deductions, credits, and estimate your tax savings. Get personalized deduction recommendations based on your financial situation.
Step 1: Income & Filing Details
Filing Information
Your filing status and income level determine which deductions and credits you’re eligible for. Accurate information ensures precise calculations.
Step 2: Deduction Details
Common Deductions
Mortgage interest, property taxes, charitable contributions, and medical expenses over 7.5% of AGI are commonly deductible. Keep receipts for verification.
Tax Deduction Calculation Results
Estimated Tax Savings
Deduction Breakdown
Deduction Guidelines
Itemize deductions if they exceed the standard deduction for your filing status. Some deductions have limits or phase-outs based on income level.
| Deduction Type | Amount | Limit | Status |
|---|---|---|---|
| Mortgage Interest | $8,500 | $750,000 loan | Fully Deductible |
| Property Taxes | $3,200 | $10,000 SALT cap | Fully Deductible |
| Charitable Contributions | $1,500 | 60% of AGI | Fully Deductible |
| Medical Expenses | $800 | Over 7.5% of AGI | Partially Deductible |
Tax Impact Analysis
Tax Calculation Formula
Taxable Income = Gross Income – Deductions – Exemptions
Compare standard deduction vs. itemized deductions to maximize tax savings. Tax credits directly reduce your tax liability dollar-for-dollar.
| Income Range | Tax Rate | Tax Owed | After Deductions |
|---|---|---|---|
| $0 – $11,000 | 10% | $1,100 | $1,100 |
| $11,001 – $44,725 | 12% | $4,047 | $4,047 |
| $44,726 – $95,375 | 22% | $11,143 | $9,450 |
| Total Tax | – | $16,290 | $14,597 |
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