Itemized deductions

By | February 23, 2014

Certain personal expenditures allowed by the Code as deductions from adjusted gross income but cannot just be easily deducted.  Itemized deductions are reported on Schedule A of Form 1040. Certain miscellaneous itemized deductions are reduced by 2 percent of the taxpayer’s adjusted gross income. Itemized deductions cannot be claimed if the standard deduction is chosen.