Reference

The ability to use net capital losses that exceed the annual limit to reduce taxable income in future years.

Specific expenses such as medical bills or mortgage interest that you list individually to reduce your total taxable income.

Student Loan Interest Deduction — A deduction that allows you to reduce your taxable income by the amount of interest paid on qualified student loans during the year.

An itemized deduction that allows homeowners to subtract the interest paid on a home loan from their taxable income.

Money added to a retirement account before income taxes are calculated, which reduces the individual's current taxable income.

An itemized deduction that allows taxpayers to subtract certain state and local taxes from their federal taxable income.

The amount of income that is actually subject to tax after all allowable deductions and exemptions have been subtracted.