Itemize

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Itemize

To list a specific expense the taxpayer has had over the course of the tax year in order to reduce one's taxable income. One may itemize most medical expenses, for example, and deduct them from one's taxable income. The same is the case for interest on mortgages and business expenses. The IRS allows itemized deductions as an alternative to the standard deduction, which takes a flat amount out of one's taxable income. Itemized deductions are subject to certain restrictions; for example, some expenses must exceed a certain percentage of the adjusted gross income to be deductible.
References in periodicals archive ?
Two amendments the European Parliament adopted during its first reading of the proposal (co-decision procedure), last September, have been rejected: one sought a better itemisation of the types of trains included in the statistics (international, national, inter-city and so forth) and the other called for extra figures on investment in rail infrastructure systems.
The pictures to the right render detailed itemisation of exactly how different the two appear unnecessary.
Parliaments worldwide, including both houses of the US Congress, demand itemisation of expenses.