top of page

Itemized Deductions

Maximize tax savings by capturing common expenses and charitable giving to reduce taxable income.

Do I Qualify for the Itemized Deductions?

To qualify for itemized deductions you should document all items and activities used and complete the Schedule A tax form.

2022 Itemized Deductions Details

The itemized deduction strategy allows the taxpayer to maximize deductions by using either the standard deduction or itemizing to reduce taxable income. This deduction is the primary way that individual taxpayers with wage income only can lower their taxable income and increase their tax savings.

Itemized deductions are entered on the individual tax form Schedule A, which is broken down into several sections and types of deductions that are explained below.

Itemized Deductions

There Are Thousands of Other Tax Planning Strategies You May Be Missing Out On

Learn how Prosperity Tax Advisors can help you save money in taxes.


• Increase in tax savings above the standard deduction


• May increase audit possibilities and should not be used if the standard deduction creates a higher tax savings

Assumptions When Taking the Itemized Deductions

• State data is only for your resident state.

• Charitable donations are made to qualified charities or organizations.

• Ordinary income or capital gain income from property donation are not included in gross income in the same year as the contribution

• Property held for less than 1 year is ordinary income property; and property held for 1 year or greater is capital gain property

• Out of pocket expenses relate to first category qualified charity organizations

• Tax on personal property assumes entered amounts exclude non-qualified taxes.

• Necessary receipts and records to substantiate the deductions are available, complete, and accurate.

• Required tax forms will be completed to correctly claim the deductions.

Conflicting Strategies

• Donor-Advised Fund
• Private Foundation

Requirements to Claim the Itemized Deductions

• Complete Schedule A and subsequent forms to claim all calculated deductions

Business Entities That Can Claim the Itemized Deductions

• Individual

The material discussed on this page is meant for general illustration and/or informational purposes only and is not to be construed as investment, tax, or legal advice. You must exercise your own independent professional judgment, recognizing that advice should not be based on unreasonable factual or legal assumptions or unreasonably rely upon representations of the client or others. Further, any advice you provide in connection with tax return preparation must comply in full with the requirements of IRS Circular 230.

Prosperity Tax Advisors
bottom of page