5 Expenses You Can Still Deduct in 2026 - Even If You Take the Standard Deduction
AOL.com • • business
Key Points:
- The standard deduction for 2026 is $32,200 for married couples filing jointly and $16,100 for single filers, leading most Americans to forgo itemizing deductions, but opportunities to reduce taxable income still exist through above-the-line adjustments.
- Retirement contributions to employer-funded IRAs, self-employment plans, and 401(k)s can reduce adjusted gross income (AGI), while Roth accounts do not; taxpayers can still contribute to some accounts to reduce prior-year taxable income.
- Health savings account (HSA) contributions offer a triple tax benefit by reducing AGI, allowing tax-deferred growth, and providing tax-free withdrawals for qualified medical expenses.
- Student loan interest (up to $2,500) and education credits like the American Opportunity Tax Credit and Lifetime Learning Credit remain available to standard deduction filers, with credits directly reducing tax liability.
- New for 2026, non-itemizers can deduct charitable cash contributions up to $1,000 for singles and $2,000 for joint filers, while self-employed individuals can deduct half of self-employment tax, health insurance premiums, and other business-related expenses before applying the standard deduction.
