itemized deductions
Specified tax subtractions
Itemized deductions are specific expenses a taxpayer lists individually on a tax return to reduce taxable income, rather than taking the standard deduction.
Common itemized deductions include mortgage interest, state and local taxes, charitable contributions, and medical expenses above a threshold.
Taxpayers choose whichever method—itemizing or standard—yields the greater benefit: We itemized our deductions because our mortgage interest alone exceeded the standard amount.
- mortgage interestFee for borrowed home funds
- tax returnIncome declaration to government
- tax preparerOne who files returns
- tax seasonAnnual return-filing interval
- bunchingGrouping tightly together
medical expenses · out of pocket · charitable donations · statutory limits · form · taxable income · property taxes · deductions · above the line · tax liability · total · exemptions · tax compliance · amount · refund · tax strategy · tax bracket · April
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- taxationtax, income tax, sales tax, tax return, tax refund
- income taxtax return, taxable income, tax brackets, tax rates, tax bracket
- tax deductionsdeductions, tax deductions, exemptions, write-offs, business deductions
- Tax Policytax reform, tax policy, tax code, tax brackets, tax rates
- Tax Rulesdeductions, credits, exemptions, filing status, withholding