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List Of Itemized Deductions 2024. Tax credits and deductions change the amount of a person's tax bill or refund. A taxpayer must choose either the itemized or standard deduction. However, this is an itemized deduction, which means you should only deduct it if all of your itemized deductions combined are worth more than your standard. There are dozens of itemized deductions available to taxpayers and all of them have different rules.