What is the most overlooked tax break?

The Tax Breaks You’re Probably Missing

When tax season rolls around, most people focus on the big deductions—mortgage interest, charitable donations, maybe a few education credits. But some of the most valuable tax breaks fly completely under the radar. The truth is, the IRS allows deductions that many taxpayers don’t even realize they qualify for.

Out-of-pocket charitable contributions top the list of overlooked write-offs. It’s not just about cash donations—expenses like mileage to volunteer sites or supplies you buy for a nonprofit can count, too. Many people donate time and money without tracking these costs, leaving money on the table.

Another surprise? Student loan interest—you can deduct up to $2,500, even if someone else (like a parent) paid it on your behalf. That’s a break few know exists.

Moving expenses used to be widely claimed, but since the 2017 tax overhaul, only active-duty military members can deduct them. Still, if that’s you, it’s an easy win. Teachers take note: educator expenses let K–12 instructors deduct up to $300 in classroom supplies—even if they don’t itemize. And while it’s not a reason to head to the casino, gambling losses can be deducted up to the amount of winnings, as long as you itemize and keep records.

Did you pay state income tax last spring? That’s deductible—many forget to claim it. And if you refinanced your home, refinancing mortgage points can be deducted over the life of the loan, not just the year you paid them.

Jury duty pay is another sneaky one—if your employer requires you to return your jury stipend, you can deduct that amount as a miscellaneous expense. Tax law is full of hidden opportunities. The key? Pay attention to what you spend and document everything. You might be surprised what counts.