Taxpayers can claim up to 13 itemized deductions or the single standard deduction on a given return, according to the IRS. The amounts associated with these deductions change each year, and the official IRS website provides updated figures.
Common itemized deductions include medical expenses, mortgage interest, charitable contributions, eligible business expenses and casualty losses. Taxpayers looking to take itemized deductions should maintain all receipts, invoices and records in case the IRS decides to conduct an audit. If the total of the itemized deductions does not exceed the current year's standard deduction, then a taxpayer should take the standard deduction on that return.