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itemized deduction

Cultural

A legal deduction from one's personal taxable income for money spent on specific goods and services, such as property taxes and charitable contributions. These deductions must be itemized — that is, individually listed and documented — on one's tax return.

Example Sentences

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A key step is to start gathering all of your documents, such as your W-2 or 1099 forms, savings and investment records, eligible deductions and tax credits, ahead of sitting down to file your taxes.

From Seattle Times • Apr. 13, 2024

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023