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 ?
In addition to viewing the itemised payslips online, employees may also download them for printing and recording purposes.
Meanwhile, those who wish to avoid collecting paper can check their itemised bill on the internet at www.
Sean Boyce, Ladbrokes' public relations manager, replies: While I can assure Mr Doyle that his bets were actually processed entirely properly, he is quite right in saying that his statement should have itemised his individual bets separately.
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.