These are the amounts, by categories, that may be deducted from an individual's adjusted gross income when calculating taxable income. Deductions may include medical expenses, property taxes, state and local income taxes, certain finance or interest expenses, moving and business expenses, charitable contributions and miscellaneous expenses.
Write-offs for such expenses as charitable contributions, home mortgage interest, and state and local income and property taxes. A taxpayer may not use both itemized deductions and the standard deduction. Under the current system, more than 70 percent of taxpayers use the standard deduction.
Reductions that are listed as appropriate, in the tax code, for reducing modified gross income.