Tax deductions can lower your taxable income, reducing your tax bill. Common deductions can be taken “above the line” or “below the line” and can help you keep more money at tax time. Some missed deductions include medical expenses, student loan interest, and state sales tax instead of income tax.

Qualified taxpayers can benefit from the Child and Dependent Care credit, allowing parents to deduct costs for daycare, preschool, or babysitters. Restrictions include the child being under 13, living with you for more than half the year, and both spouses having earned income. The maximum deduction is $3,000 ($6,000 for two or more qualifying persons).

Don’t forget to deduct your student loan interest, which can help ease the burden of student loans. The IRS allows eligible borrowers to deduct up to $2,500 in interest paid on qualified federal and private student loans each year. This deduction applies to loans used for educational expenses.

If you work from home, you can deduct a percentage of your home expenses, including mortgage, if you have a dedicated workspace. You can use the simplified method or the regular method to calculate your deduction. The office must be exclusively used for business and the principal place of business to qualify.

Read more at Yahoo Finance: Are You Leaving Money on the Table? 5 Tax Deductions Most People Miss