What kinds of expenses can be claimed as itemized deductions?

Itemized deductions are specific expenses that taxpayers can claim on their federal income tax returns. These deductions can reduce taxable income and ultimately lower the amount of tax owed. Medical and dental expenses are indeed one of the key categories of itemized deductions available to taxpayers.

Taxpayers can claim qualified medical and dental expenses exceeding a certain percentage of their adjusted gross income (AGI) as itemized deductions. This includes costs such as payments for medical treatments, prescriptions, and certain insurance premiums. It's important to note that these expenses must be necessary and qualified according to IRS guidelines, and they cannot be reimbursed by insurance or other means for them to be deductible.

In contrast, options such as only mortgage interest, any personal expenses, or only business-related expenses do not encompass the full range of itemized deductions that can be claimed on a tax return. Mortgage interest is indeed an itemizable expense but does not represent the entirety of what can be claimed, while personal expenses or solely business expenses fall outside of the criteria for itemized deductions as defined by tax law. Thus, medical and dental expenses stand out as a distinct and important category within itemized deductions.