An itemized deduction is an eligible expense that individual taxpayers in the United States can report on their federal income tax returns in order to decrease their taxable income. Most taxpayers are allowed a choice between the itemized deductions and the standard deduction. After computing their adjusted gross income (AGI), taxpayers can itemiz...
Specific deductions allowed by the IRS outlined in the tax return.
Amounts paid by an individual taxpayer for personal and quasi-business expenses that can be deducted
Specific deductions allowed by the IRS outlined in the tax return.