Tax Deduction Maximizer
Identify and maximize tax deductions (region-specific)
Income & Region
Set your income and location
Tax Savings Summary
Impact of your deductions
Total Deductions
$7,000
Taxable Income
$93,000
Tax Savings
$1,540
Effective Tax Rate
15.51%
Your Deductions
Track all eligible tax deductions
💡 Office supplies, equipment, software subscriptions
💡 Rent, utilities, internet (proportional to business use)
Tax Deduction Guide by Region
🇺🇸 United States
- Home office deduction (up to 300 sq ft)
- Business meals (50% deductible)
- Health insurance premiums (self-employed)
- Retirement contributions (401k, IRA limits apply)
- State and local taxes (SALT - capped at $10,000)
- Mortgage interest (primary residence)
- Charitable donations (itemized)
🇬🇧 United Kingdom
- Personal allowance (£12,570 tax-free)
- Business expenses (wholly and exclusively for business)
- Pension contributions (tax relief at marginal rate)
- Capital allowances (equipment, vehicles)
- Professional fees and subscriptions
- Working from home allowance
🇮🇳 India
- Section 80C: Investments up to ₹1.5 lakh (PPF, ELSS, life insurance)
- Section 80D: Health insurance premiums
- Section 24: Home loan interest (up to ₹2 lakh)
- Section 80E: Education loan interest
- HRA: House Rent Allowance exemption
- LTA: Leave Travel Allowance
- Standard deduction: ₹50,000
🇦🇺 Australia
- Work-related expenses (uniforms, tools, equipment)
- Vehicle and travel expenses
- Home office running expenses
- Self-education expenses
- Income protection insurance
- Gifts and donations (over $2)
⚠️ Important Reminders
- Keep detailed records and receipts for all deductions
- Deductions must be legitimate business expenses
- Personal expenses are not tax deductible
- Consult with a tax professional for specific advice
- Tax laws change frequently - verify current regulations
- This tool provides estimates only, not tax advice