Itemized Deductions
TaxGlossary term
Definition
Specific expenses that can be deducted from taxable income, including mortgage interest, charitable donations, and medical expenses. Must exceed the standard deduction to be beneficial.
Related terms
- Standard DeductionA fixed dollar amount that reduces taxable income, available to all taxpayers. For 2026: $16,100 for single filers, $32,200 for married filing jointly.
- Tax BracketThe range of income subject to a certain income tax rate in the progressive US tax system. Higher income levels are taxed at higher rates (marginal tax rates).
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