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 ?
The itemised pay statement should be given to employees at or before the time of the payment of salary or wages.
What can an employee do if his/her employer fails to provide an itemised pay statement?
An employee can make an application to an employment tribunal if his/her employer fails to provide an itemised pay statement.
Even if children manage to get the PIN, the parents will still find out through the itemised bills, and that will encourage them to supervise their children's viewing,'' an ITC spokeswoman said.