An itemized deduction is an item of expense that is allowed to be subtracted from the adjusted gross income. The expenses that are categorized as itemized deductions can be medical expenses, property taxes, state taxes, home mortgage interest, charitable contributions, investment interest expense, and local income taxes. The main objective of using itemized deductions is to reduce your adjusted gross income and ultimately reducing your tax liability.
Assume Mr. Alex is an individual and has a total adjusted gross income of $38000. The itemized deductions total up to $13000. The taxable income will be $25000 ($38,000 - $25,000).
John and Sandy Ferguson got married eight years ago and have a
Charles has AGI of $50,000 and has made the
Daryl, who had significant itemized deductions for 2017 and therefore was
Demarco and Janine Jackson have been married for 20 years and have
Marc and Michelle are married and earned salaries this year of $
In year 1, Peter and Shaline Johnsen moved into a home
Nick and Nora are married and have three children in college.
Evan is single and has AGI of $277,300 in
Dan has AGI of $50,000 and paid the following
Beth R. Jordan lives at 2322 Skyview Road, Mesa,
