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2. What Are Itemized Deductions and How Do They Work? - AOL

   www.aol.com/itemized-deductions-010031837.html

   Those deductions either are standard deductions — a flat rate — or itemized. ... For example; You can only deduct medical and dental expenses that exceed 7.5% of your adjusted gross income ...

3. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   A taxpayer can only deduct the amount of miscellaneous itemized deductions that exceed 2% of their adjusted gross income. [6] For example, if a taxpayer has adjusted gross income of $50,000 with $4,000 in miscellaneous itemized deductions, the taxpayer can only deduct $3,000, since the first $1,000 is below the 2% floor.

4. Before You File Your Taxes, Here Are 21 Tax Terms You ... - AOL

   www.aol.com/file-taxes-21-tax-terms-120049162.html

   Itemized Deduction. Itemized deductions enable you to reduce your taxable income on your tax return. Itemized deductions include medical expenses, real estate taxes, state income taxes and ...

5. Two-percent haircut - Wikipedia

   en.wikipedia.org/wiki/Two-Percent_Haircut

   For example, suppose a taxpayer in year one has an adjusted gross income of $100,000. Two percent of her adjusted gross income is $2,000. To be able to deduct miscellaneous itemized deductions in calculating taxable income, her miscellaneous itemized deductions must exceed $2,000. If she has miscellaneous itemized deductions of $5,000, she may ...

6. What Is a Tax Deduction and How Do Tax Deductions Work? - AOL

   www.aol.com/tax-deduction-tax-deductions...

   The federal government also grants a blanket standard deduction that is available to nearly all taxpayers, even if they don’t incur specific expenses that would qualify as itemized deductions.

7. Standard Deduction vs. Itemized Deductions: Which Is Better?

   www.aol.com/standard-deduction-vs-itemized...

   The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest ...