Before You File: The Tax Deductions You Might Be Missing (And Why It Could Cost You Thousands)
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Marcus thought he was doing everything right.
He had his W-2.
He logged into a tax software platform.
He answered a few questions.
He clicked submit.
Refund: $1,482.
He shrugged. “That’s just what it is.”
But what Marcus didn’t realize was that he left money on the table—not because he did anything wrong, but because he didn’t know what to look for.
And that’s where most people lose.
The Real Problem Isn’t Taxes
It’s filing without strategy.
Most Americans don’t overpay because they lack deductions.
They overpay because:
They didn’t track their expenses.
They didn’t understand income limits.
They didn’t know which credits applied to them.
They waited until April instead of planning in December.
Taxes aren’t just about reporting income.
They’re about reducing taxable income legally and strategically.
Let’s walk through what many people miss.
1️⃣ Income Thresholds — Do You Even Need to File?
Many people don’t know this:
If you’re single and make under approximately $13,850, you may not be required to file.
Married filing jointly? Around $27,700.
Self-employed? Just $400 in net earnings triggers a filing requirement.
Even if you don’t have to file, you may want to—especially if you qualify for refundable credits.
2️⃣ The Adjustments That Reduce Your Income
Before deductions even begin, certain adjustments lower your Adjusted Gross Income (AGI).
Examples:
✔ Student loan interest (up to $2,500)
✔ HSA contributions
✔ Traditional IRA contributions
✔ Self-employed health insurance
✔ Half of self-employment tax
These reduce your taxable base before anything else is calculated.
And most people don’t maximize them.
3️⃣ Standard vs. Itemized — The Decision That Changes Everything
The standard deduction is generous:
Single: ~$13,850
Married: ~$27,700
But what if your itemized deductions exceed that?
Mortgage interest
Property taxes (up to $10,000 SALT cap)
Charitable contributions
Medical expenses over 7.5% of AGI
That’s where analysis matters.
4️⃣ Credits: The Most Powerful Tax Tool
Deductions lower income.
Credits reduce your tax bill dollar-for-dollar.
Child Tax Credit – Up to $2,000 per child
Earned Income Tax Credit – Based on income & dependents
Education Credits – Up to $2,500 per student
EV Tax Credit – Up to $7,500
Credits change outcomes dramatically.
And many phase out at higher incomes—another reason strategy matters.
5️⃣ Business Owners: Where Strategy Expands
This is where the conversation changes.
If you operate a legitimate business, the tax code allows you to deduct:
✔ Mileage (~65+ cents per mile)
✔ Home office expenses
✔ Marketing & branding
✔ Software & subscriptions
✔ Equipment (Section 179)
✔ Startup costs (up to $5,000)
✔ Travel & business meals
And possibly qualify for:
✔ Qualified Business Income deduction (up to 20%)
This is not about creating fake expenses.
It’s about understanding that the government incentivizes business growth.
6️⃣ The Overlooked Deductions People Forget
Educator expenses
Childcare credits
Health insurance marketplace forms
Retirement contributions
Casualty losses
Jury duty repayment
Military moving expenses
The list is long.
The issue isn’t availability.
It’s awareness.
7️⃣ What You Should Bring to a Tax Strategist
W-2s
1099s
Mortgage forms (1098)
Student loan statements (1098-E)
Mileage logs
Business expense summaries
Receipts
Retirement contribution confirmations
Childcare records
Health insurance documents
When you come prepared, strategy becomes possible.
The Truth Most People Don’t Want to Hear
Tax filing is compliance.
Tax strategy is planning.
If you wait until April to think about taxes, you’re already reacting.
The individuals who keep more money aren’t smarter.
They plan earlier.
They track better.
They ask questions.
Before You Click “Submit” This Year
Pause.
Ask yourself:
Did I review every possible deduction?
Did I evaluate credits?
Did I plan last year — or am I just reporting?
If you’re unsure, that uncertainty alone is worth a conversation.
Book a Tax Strategy Consultation
At Buckhead Networking Group, powered by Bizinc and in partnership with Madison’s Accounting & Tax Services, we help individuals and business owners:
Identify missed opportunities
Understand compliance
Plan ahead for next year
File with confidence
Before you submit your return, make sure you’re not leaving money behind.
👉 Book your consultation today.
