Itemized Deduction
TaxesSpecific expenses (mortgage interest, state taxes, charitable donations) you list individually instead of taking the standard deduction.
Example
Example: On a $75,000 salary, understanding itemized deduction could save you hundreds or thousands at tax time. For instance, if you are in the 22% marginal bracket, knowing how itemized deduction works helps you make smarter decisions about deductions, credits, and withholding. Check your tax picture with our income tax calculator.