Glossary: Itemized Deductions
Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.
Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.
The “standard deduction” is a deduction all taxpayers are entitled to. The deduction reduces taxable income.
The tax brackets stop at $0 of taxable income — having taxable income below $0 doesn’t mean your tax liability is a negative number or that the government “pays you more money.”