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What is an Itemized Deduction? Comments

  • By Jocelyn Black Hodes, DailyWorth's Resident Financial Advisor
  • June 21, 2013

An itemized deduction is an incurred expense which reduces an individual's taxable income, in accordance with IRS regulations. Itemized deductions are usually limited to 2% of adjusted gross income. Examples include mortgage interest, state and local taxes, charitable gifts and home office expenses.

 

See Also:

Tax Time Treasure Hunt

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Tax Facts for the Jobless

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