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This deduction covers health care costs for self-employed individuals and small business employees who are covered by a high-deductible health plan (HDHP). The IRS doesn’t use the term “tax write-offs” anywhere in the Internal Revenue Code, but the phrase has gained popularity as a synonym for “tax deduction” over the years. If you hear someone talking about a tax write-off, they’re probably referring to certain deductions itemizers can take to lower their taxable income. Taxpayers who are 65 and older are eligible for a slightly increased standard deduction \u2014 typically up to an additional $2,000 or so \u2014 on top of their regular standard deduction. If you\u2019re a schoolteacher or other eligible educator, you can deduct up to $300 spent on classroom supplies. Spouses who are both educators and file jointly get a deduction of $300 each, making them eligible to claim up to $600 on their return.<\/p>\n<\/p>\n
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