What are itemized deductions?
Itemized deductions are expenses that you can report on your tax return that lower the amount of tax you have to pay. These types of expenses are things like charitable contributions, home mortgage interest, medical expenses, job-related items you buy for your work. You’d normally need to have more than $5,800 worth of deductions in order for you to be able to itemize your deductions. We’ll be sure to ask you about all the deductions you may have, so you won’t have to figure this out on your own.