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How Do Itemized Deductions Work? The process of taking itemized deductions, often called ?itemizing,? allows taxpayers to deduct certain expenses from their taxable income, often up to a certain limit. In lieu of itemizing, taxpayers can reduce their taxable income by a flat amount via the standard deduction.

If your standard deduction is less than your itemized deductions, you probably should itemize and save money. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time.

Types of itemized deductions Your state and local income or sales taxes. Property taxes. Medical and dental expenses that exceed 7.5% of your adjusted gross income. Charitable donations.

Unless you were ineligible for the standard deduction, this means that you took the standard deduction. Another way to check whether you itemized your deductions or took the standard deduction is to look at your Form 1040. Line 9 lets you enter the amount that you are deducting for itemized or standard deductions.

Itemized statements document a customer's record of debits and credits with a financial institution. By providing individuals with details on spending for travel, groceries, and household bills, itemized statements summarize periodic spending and a snapshot for budgeting.

To list things separately, often including details about each thing: We asked for an itemized bill, listing all our phone calls and how long they were.

To itemize is to make a list. If you work at a store that sells pet fish, you might need to itemize your stock of fish ? separately listing the number of goldfish, cuttlefish, and jellyfish. When you place items, or individual things, on a list, you itemize them.