itemized deduction
Specific expense claim
An itemized deduction is a specific expense that taxpayers can subtract from their taxable income, such as mortgage interest, charitable donations, or medical costs.
Itemizing requires listing each deduction separately rather than taking the standard deduction—worthwhile only when the total exceeds that fixed amount.
We itemized our deductions this year because of all the medical bills.
- medical expensesFees for treatment
- out-of-pocket costsExpenses you pay yourself
- tax returnIncome declaration to government
- mortgage interestFee for borrowed home funds
- charitable donationsGifts to worthy causes
tax strategy · line by line · expense tracking · filing status · education expenses · property taxes · tax credit · tax compliance · above the line · adjusted gross income · marginal tax rate · tax bracket · tax reform · tax season · financial goals · tax preparer · earned income · Form 1040
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
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- income taxtax return, taxable income, tax brackets, tax rates, tax bracket
- personal taxincome tax, capital gains, property tax, estate tax, inheritance tax
- tax deductionsexemptions, write-offs, tax breaks, mortgage interest, charitable donations
- tax terms1040, W-2, 1099, W-4, tax refund
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