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Above-the-line deduction

A deduction that reduces your gross income before calculating your Adjusted Gross Income (AGI). It's available to all taxpayers, even those who take the standard deduction.

Itemized deduction

Specific expenses that taxpayers can subtract from their adjusted gross income to reduce their taxable income, if the total is greater than the standard deduction.

Miscellaneous itemized deduction

A category of itemized deductions for various unreimbursed employee expenses or investment expenses, which are typically only deductible if they exceed 2% of your adjusted gross income.

Internal Revenue Code of 1986

The main body of federal tax law in the United States.

Unreimbursed expenses

Costs an employee pays for work-related activities (like tools, uniforms, professional development) that their employer does not pay back.

Taxable year

The annual accounting period for which income taxes are calculated, usually the calendar year (January 1 to December 31) for individuals.

Standard deduction

A fixed dollar amount that taxpayers can subtract from their income before calculating their taxes, instead of listing individual itemized deductions.