Health Care:

Once health care costs exceed a certain percentage of your income, it can be taken as a deduction. This includes your own personal health care costs, as well as those of your dependents. If you are caring for a loved one who is ill, these costs can be steep, and you should investigate whether they meet the deduction threshold. This includes out-of-pocket costs for hospitalization, medications and dental care.

Student Loan Interest:

Most of the parent’s taxes get deducted from student loan interest. They might have taken an educational loan to help their child in his/her studies either in colleges or universities. The interest that comes under this loan may be tax-deductible. You can take this deduction if your income is below a certain amount, even if you don't itemize your taxes. This will surely add more in your wallet than any other tax deductions.

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