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Unlike the standard deduction, itemized deductions result in different taxable income amounts from person to person. Those who qualify for the standard deduction have the leeway to choose the itemized route; however, individuals who are not eligible for the standard deduction can only itemize their tax deductions.
As a general rule, take whichever amount is greater, the standard deduction or the total of your itemized deductions. Some common itemized deductions are charitable contributions, mortgage interest, property taxes, employee business expenses, and medical expenses.he IRS allows you to reduce your taxable income in one of two ways. The first way is by using a predetermined amount-the standard deduction. The second option is by claiming certain actual expenses, known as itemized deductions.