A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- Standard DeductionA fixed dollar amount you can subtract from your income without needing to track individual expenses.
- Tax DeductionAn expense you can subtract from your income to lower the amount that gets taxed.
- Mortgage Interest DeductionA tax break that lets homeowners subtract the interest paid on their home loan from taxable income.
- SALT DeductionA deduction for state and local taxes paid, including income and property taxes, subject to a yearly cap.
- Taxable IncomeThe portion of your income left after deductions that the government actually applies tax rates to.
Turn this into a brick
Knowing what Itemized Deduction means is knowledge — the first half. A brick gets placed when you act on it.
More in Taxes
1099Adjusted Gross Income (AGI)Alternative Minimum Tax (AMT)Capital Gains TaxChild Tax CreditDependent
Plain-English education — not personalized legal, tax, or investment advice.