Five Overlooked Tax Deductions That Could Lower Your 2024 Tax Bill.

With the April 15, 2025, tax filing deadline approaching, it's crucial to explore every possible deduction to minimize your tax liability. Many taxpayers miss out on deductions simply because they don’t know they exist. Below are five often-overlooked tax deductions that could help you save on your 2024 tax return.

1. Charitable Travel Deductions

If you represent a charitable organization at a meeting or event, you may be able to deduct expenses related to travel, including airfare, lodging, meals, and transportation costs. Even if you drive to the event, vehicle expenses can be deducted using the IRS standard mileage rate of 14 cents per mile, plus tolls and parking fees.

Tip: To claim this deduction, you must be an official delegate of the organization.

2. Medical Expense Tax Breaks

If you incurred high medical expenses in 2024, you may be eligible to deduct costs exceeding 7.5% of your adjusted gross income (AGI). This deduction includes medical treatments, prescriptions, and even home modifications made for medical reasons. Example: If you installed a pool for a child with asthma, you may be able to deduct the cost as a medical expense—along with maintenance and cleaning costs.

3. Disaster Losses

Casualty and theft losses are generally suspended through 2026, but if your property was affected by a federally declared disaster in 2024, new legislation allows you to deduct unreimbursed losses without the usual 10% AGI threshold. This could result in significant tax savings.

Tip: You may be able to claim the deduction for 2024 even if you don’t typically itemize.

4. Mortgage Interest Points

If you refinanced your mortgage in 2024 and paid "points" to secure a lower interest rate, those points are deductible over the life of the loan. Each point typically equals 1% of your mortgage balance.

5. Jury Duty Pay Deduction

If you served on a jury in 2024 and your employer paid your regular salary while you were away, you likely had to turn over your jury duty earnings to your employer. However, you can deduct the jury duty payment you remitted to your employer from your taxable income.

Tip: Employer-paid reimbursements for jury duty-related expenses such as parking, meals, and transportation are also tax-exempt.

Act Now for Faster Tax Relief

If your home or assets were damaged in a federally declared disaster in 2024, you can elect to deduct the loss on your 2024 tax return instead of waiting until you file your 2025 taxes. If you've already filed for 2024, an amended return could help you get a larger refund sooner.

Reference: SmallBizTax.net- Tax Strategies, Vol. 20, No. 3