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You can also deduct other costs, like non-reimbursed job expenses, theft and casualty losses, tax preparation fees and gambling losses.
The generosity of the IRS does have its limits, though. The tax code applies floors, ceilings and phase-outs for certain itemized deductions. Floors set a minimum amount at which you can start deducting certain expenses, such as medical expenses in excess of 10 percent of AGI. That 10 percent is the floor.
Ceilings impose a limit on certain categories of itemized deductions, like the limit on charitable deductions to 50 percent of AGI. Additionally, you can only deduct 50 percent of the cost of business-related meals and entertainment. The phase-out of certain itemized deductions is reserved for the highest income earners. You also need to keep those receipts after you file just in case of an audit. For most people, there is a balance between the work required to itemize and the amount you save by itemizing.
Generally speaking, itemizing is a good idea if the value of your itemized expenses is more than the value of the standard deduction. Because the new tax plan nearly doubled the standard deduction for the tax year when compared with before it went into effect, some people who itemized their taxes will not benefit from itemizing their taxes.
Even if itemizing would save you more than the standard deduction, consider the amount of time and energy that also goes with itemizing. The biggest example of that would be keeping track of your receipts and expenses throughout the year.
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