Overview of Itemized Deductions
Itemized deductions are specific expenses that individuals can claim on their tax returns in order to reduce their taxable income. These expenses may include charitable donations, medical expenses, and mortgage interest. In order to claim itemized deductions, you must itemize your deductions on your tax return instead of taking the standard deduction. By carefully tracking and documenting your eligible expenses, you may be able to reduce your tax liability and improve your financial stability. It’s important to carefully consider the implications of itemizing and work with a financial expert to ensure it aligns with your overall financial goals.