Tax deductions are specific expenses that taxpayers can subtract from their total income to reduce the amount of income that is subject to taxation. Common examples of tax deductions include mortgage interest, charitable contributions, and medical expenses. By lowering taxable income, these deductions can lead to a smaller tax bill or a larger refund. Tax deductions can vary based on individual circumstances and the tax laws in place. Some deductions are standard, while others require itemization. Taxpayers should keep accurate records of their expenses to ensure they can claim all eligible deductions when filing their tax returns.