• Understanding tax laws can help you to save a substantial sum of money. For many common expenses, you can choose to opt for a standard deduction (a flat sum), or you can itemize your deductions, claiming the specific amounts you spent on the tax-deductible items. Consult with an accountant if you're unclear on how to file a deduction for any major expense; you'll improve your knowledge for next year's tax preparation.
  
  

Income or Sales Tax

• Income taxes are a major deduction for most people. However, if your state doesn't impose an income tax, you can deduct state and local sales taxes. You can choose between deducting income tax or sales tax, so if you recently made a large purchase, it might make more sense to deduct the sales tax.
  
  

Charitable Donations

• Deduct any money you gave to charity in the past year, as well as money you spent on charitable projects. Driving your car as part of charity work, contributing supplies, purchasing gifts for children in need and various other charitable contributions can usually be deducted.
  
  

Home

• If you purchased a home, you may be able to claim a credit for it, especially if this was your first home. A credit is worth more than a deduction --- for instance, if you receive a credit of $100, you save $100. Credits vary from year to year, so be sure to follow the latest guidelines.
  
  

New Car

• You can often claim a deduction for a new vehicle, although not a used one, if you've purchased the car within the required time frame.
  
  

Energy-Saving Modifications

• If you've weatherized your home or made other energy-saving changes in the past year, deduct the expenses of these changes. Skylights and other large windows, energy-efficient appliances, solar heaters and many other appliances all count.
  
  

Childcare

• Many people claim childcare costs as a deductible. You can deduct the childcare costs that your job doesn't directly pay for, and may be eligible for a credit.
  
  

Business Expenses

• You can deduct many expenses associated with running a business, as well as other work-related expenses. Start-up costs, education necessary to furthering your career, equipment, travel costs and meals with clients can earn you a deduction.
  
  

Mortgage and Student Loan Interest

• You can deduct interest from your mortgage or student loan too. Although the interest alone may not seem like much, smaller expenses can add up.
  
  

Medical Expenses

• You can deduct medical expenses if more than 7.5 percent of your adjusted gross income went toward medical expenses.