Phrases with «itemized deductions»

"Itemized deductions" refers to the various expenses that you can subtract from your taxable income to reduce the amount of taxes you owe. These expenses include things like medical expenses, state and local taxes, mortgage interest payments, and charitable contributions. Instead of taking a standard deduction, you can choose to itemize these deductions and potentially decrease the amount of taxes you need to pay. Full definition

Related phrases

Sentences with «itemized deductions»

  • While the exact mechanism of the AMT is complicated, for our purposes, it is triggered when a person claims a large amount of itemized deductions on their Schedule A. (lawyerist.com)
  • Because the higher standard deduction will exceed the value of itemized deductions for many taxpayers, the Tax Policy Center estimates that more than 25 million families will stop itemizing in 2018 — that's more than half the number of people who have itemized in recent years. (fidelity.com)
  • If itemized deductions don't exceed the standard deduction amount, you should go with the standard deduction. (thebrokeprofessional.com)
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