The Internal Revenue Code permits an individual taxpayer the ability to either take a standard deduction or to itemize specific deductions--whichever course proves to be most beneficial. There are certain deductions that are available to individual taxpayers, deductions that are available in different categories.

Children

Claim a deduction for children. The primary deductions and credits that the "typical taxpayer" are able to take involves children. The Internal Revenue Code permits a taxpayer to take a deduction for each minor child she supports and who resides in her home a majority of the year. Keep in mind that the amount of a deduction can vary from one tax year to the next. The specific amount that a taxpayer can deduct per child is available in the tax information booklet that comes with each tax return form. In addition to this basic tax deduction for children, a taxpayer is also able to claim a tax credit relating to certain daycare expenses. Once again, the amount that a taxpayer can claim per child is available in the informational booklet attached to a tax return.

Health Care

Take a deduction for certain health care related expenses. A taxpayer can take a deduction for the full amount of money contributed to a qualifying health care or medical savings account. A taxpayer is also able to take a deduction for medical expenses provided the total amount the individual spent out of pocket in a given tax year was 7.5 percent of your adjusted gross income. A taxpayer cannot deduct any amount personally spent on health care or medical expenses below this threshold.

Charitable Donations

Deduct charitable donations. A taxpayer is able to deduct 50 percent of the value of any charitable donations made during the course of a tax year. This includes cash and in-kind donations. In-kind donations include items like clothing. In order to qualify for a charitable donation deduction, the taxpayer must make such a contribution to an organization which maintains what is known as a 501 (c) (3) status. A charity with such a designation will provide you documentation from the IRS concerning this status. Receipts for donations from a charity are important, particularly for any donation over $250 and for any in-kind (non-cash) donation.

Source:

Internal Revenue Service, Tax Information for Individuals

Internal Revenue Code

Cornell Law School, Income Tax: Overview