An incurred expense which reduces an individual's taxable income, in accordance with IRS regulations (specifically, such deductions are usually limited to 2% of adjusted gross income). Examples include mortgage interest, state and local taxes, charitable gifts, and medical deductions.
Related information about itemized deduction:
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A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year.
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