(1) Mortgage debt relief
(2) Deduction for mortgage insurance premiums
You buy this insurance when you put down less than 20% on the purchase of a house.
(3) Teachers classroom expenses
This is the $250 deduction for unreimbursed teacher school supplies.
(4) IRA distributions to Charity
If you are age 70 ½, the IRS requires you to take “minimum required distributions” from your IRA (but not from your Roth IRA). This provision lets you donate that distribution to charity without counting it as income. You don’t get the charitable deduction, of course, but it can stop you from being pushed into tax phase-outs because of the increase to your gross income.
(5) State sales taxes
(6) Research & development tax credit
(7) Credit for construction of new energy efficient homes
(8) Credit for energy efficient home improvements
(9) Expensing of depreciable assets
(10) 50 percent depreciation
You are allowed (for a brief remaining time) to immediately deduct 50% of a wide range of business assets, other than real estate.
(11) Work opportunity tax credit
Many people associate this credit with hiring welfare recipients, but it also covers military veterans. The credit can be as much as $9,600 per employee.
(12) Depreciation for certain leasehold, restaurant and retail improvements
(13) Deduction for qualified tuition and related expenses
This is the deduction of up to $4,000 (not to be confused with the tax credit!) for you or your child attending college.
(14) Child tax credit
This is the credit for a child under age 17. It is worth $1,000 this year. It drops to $500 in 2014.