Itemized Deduction

This is what you save all those receipts for during the year. If your expenses amount to more than the standard deduction, then you’ll want to “itemize” your taxes (you can only do one or the other). Eligible expenses include mortgage interest; state, local, and property taxes; medical expenses; business travel and entertainment; home office equipment and supplies and char- ity donations (this all appears on Schedule A of your federal Form 1040). (See also: Deduction, Standard Deduction)

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