Definition - What does Itemized Deductions mean?
An itemized deduction is an amount of money that gets subtracted from a person's taxable income when he or she files taxes. Itemized deductions are only given for money spent on certain things. One example is charitable donations. Gifts and medical expenses are other things that can qualify as itemized deductions.
Justipedia explains Itemized Deductions
The benefit of itemized deductions is that the person who qualifies for them will have to pay fewer taxes. The hazard of itemized deductions is that they often require a person to have to spend money anyway. However, many people still pursue itemized deductions when they file their taxes. Itemized deductions do have limits. Often, this limit is a certain percent of a person's income. So, a person usually cannot be exempt from paying any taxes just because they qualify for certain deductions.
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