Plain-English definitions for the terms you'll encounter on your financial journey.
Specific expenses such as medical bills or mortgage interest that you list individually to reduce your total taxable income.
Specific expenses allowed by the IRS that can be subtracted from your adjusted gross income to reduce your tax bill.
An itemized deduction that allows homeowners to subtract the interest paid on a home loan from their taxable income.
An itemized deduction that allows taxpayers to subtract certain state and local taxes from their federal taxable income.