10 Tax Deductions and Credits You’re Probably Missing That Could Save You Thousands in 2026 and Beyond

Core Insights - Taxpayers often overlook valuable deductions and credits that could lead to significant savings in 2026 Group 1: Health Savings Account (HSA) - Contributions to HSAs for high-deductible health plans can be a major tax shelter, with limits of $4,400 for individual coverage and $8,750 for family coverage in 2026 [2] - HSAs provide triple tax benefits: pretax contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses [2][3] - Taxpayers can make contributions until the tax filing deadline in April 2027 for the 2026 tax year [2] Group 2: Child and Dependent Care Credit - The child and dependent care tax credit increases to allow claiming up to 50% of qualifying expenses starting in 2026, up from 35% [4] - Eligible expenses include up to $3,000 for one dependent or $6,000 for two or more, resulting in a maximum credit of $1,500 for one child or $3,000 for multiple children if income is $15,000 or less [5] - The credit phases down with rising income but remains available at 20% for higher earners, and various childcare expenses qualify [5] Group 3: Traditional IRA Contributions - Taxpayers can still make contributions to IRAs up until the tax filing deadline in April 2027, which can lower taxable income for 2026 [6] - The contribution limit for personal IRAs increases to $7,500 in 2026, with an additional catch-up contribution of $1,100 for those aged 50 or older, totaling $8,600 [7] - Contributing to an IRA can potentially lower a taxpayer's income enough to drop them into a lower tax bracket, significantly reducing their tax rate [8]