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Internal Revenue Code of 1986

The main body of tax law for the United States, which outlines all the rules and regulations for federal taxes.

Medical expenses

Costs paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body.

Deduction

An amount that can be subtracted from your gross income to reduce your taxable income, which can lower the amount of tax you owe.

Taxable year

The accounting period for which you file your income tax return, typically a calendar year (January 1 to December 31) for most individuals.

Enactment

The process by which a bill becomes a law, usually after being passed by both houses of Congress and signed by the President.

Itemize deductions

To list specific allowable expenses, such as medical costs, state and local taxes, and mortgage interest, to reduce your taxable income, rather than taking a standard deduction.