Itemized deductions are specific expenses that you can subtract from your taxable income. They include medical expenses, mortgage interest, state and local taxes, and charitable contributions. To benefit from itemized deductions, you'll need to keep detailed records of your eligible expenses throughout the year. When you file your taxes, you can choose to itemize your deductions if they exceed the standard deduction amount set by the IRS. Itemizing your deductions can help lower your taxable income, potentially reducing the amount of taxes you owe. Be sure to review the IRS guidelines to ensure you are accurately claiming your itemized deductions.