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8 Tax Breaks for 1040 Filers

  • Deduct cash contributions to charity even if you don’t itemize.
  • Deduct up to 100 percent of your adjusted gross income (AGI) as a charitable deduction.
  • Lengthen to one year the time you have to repay your 2020 employee Social Security taxes if you had them deferred by your employer.
  • Deduct medical expenses in 2021 using the now-extended 7.5 percent of AGI floor for this deduction.
  • Carry over unused flexible sav­ings account (FSA) funds to next year.
  • Use your 2019 income to qualify for the earned income tax credit and/or child tax credit if you’re a lower-in­come taxpayer.
  • Deduct out-of-pocket ex­penses for personal pro­tective equipment (PPE) if you’re a teacher.
  • Take advantage of the life­time learning credit in 2021 if you’re a higher income taxpayer.

Countdown to Tax Season Deadline - 5/17/21

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