When it comes to filing your taxes, missing out on valuable deductions and credits can mean leaving money on the table. Some tax breaks are easy to overlook! They may be less well-known or hidden deep within the fine print. Whether you're a homeowner, a renter, self-employed, or just trying to maximize your refund – here are 10 commonly overlooked tax breaks and deductions you should know about.

1. Mortgage Interest Deduction

Homeowners can generally deduct the interest paid on up to $750,000 of mortgage debt ($375,000 if married filing separately). This is often one of the largest deductions available, especially in the early years of a mortgage when interest payments are highest.

2. Property Tax Deduction

State and local property taxes, along with income or sales taxes, are deductible on your federal return, up to a combined cap of $10,000. Even if you think the cap eliminates the benefit for you, it's still worth checking – especially for those living in lower-tax areas.

3. Home Office Deduction

If you’re self-employed and use a portion of your home exclusively and regularly for business, you may qualify for the home office deduction. Many people miss this opportunity, by assuming that it's too complicated or that they don’t qualify. Even renters can take advantage if they meet the requirements.

Note: This deduction is generally not available to W-2 employees working remotely, unless they are independent contractors.

4. Energy-Efficient Home Improvements

The Energy Efficient Home Improvement Credit offers a tax credit !not just a deduction!) for making eligible upgrades like installing better windows, doors, HVAC systems, and insulation. Credits can be worth up to 30% of qualifying costs.

5. Mortgage Insurance Premiums

If you pay private mortgage insurance (PMI) on your loan, you may be able to deduct those premiums, subject to income limits. This deduction often flies under the radar because eligibility rules have changed over the years.

6. Capital Gains Exclusion on Home Sales

Selling your primary home? You may be able to exclude up to $250,000 of profit from your taxable income if single — or $500,000 if married filing jointly — provided you meet the ownership and use requirements. Many sellers forget to properly claim this valuable exclusion.

Beyond Housing: Other Overlooked Deductions

7. Student Loan Interest Deduction

Even if you didn’t itemize, you may be eligible to deduct up to $2,500 in student loan interest paid during the year. Many borrowers – especially those with parents helping to pay – aren’t aware that the person legally obligated on the loan is usually the one who can claim this deduction.

8. Medical Expenses Deduction

If your unreimbursed medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess if you itemize. Big medical bills from surgeries, hospital stays, or dental work often qualify, but many taxpayers don’t think about adding up the smaller expenses that might push them over the threshold.

9. Retirement Savings Contributions Credit (Saver’s Credit)

If you contributed to a retirement account like a 401(k) or IRA and fall within certain income limits, you may be eligible for a tax credit – even better than a deduction. The Saver’s Credit can be worth up to $1,000 ($2,000 if married filing jointly) and is a powerful, yet often overlooked reward for your retirement-saving efforts.

10. Charitable Contributions (Even Small Ones)

Don’t forget about smaller charitable donations, including non-cash gifts like clothing or household items. If you itemize, you can deduct any qualifying charitable contributions. And it’s worth mentioning that recent changes have made it easier for some taxpayers to claim limited deductions – even without itemizing (depending on the tax year and legislation updates).

How to Make Sure You Don’t Miss Out on Valuable Tax Breaks

Even small deductions and credits can add up to big savings at tax time – but only if you know they exist. From homeowner benefits to education, medical expenses, and retirement savings, the tax code offers a range of opportunities to reduce your tax burden. Before filing, take a little extra time (or work with a tax professional) to make sure you're not missing out on the valuable breaks you’ve rightfully earned.