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 ?
135) The Court's opinion ends with (1) the observation that segregation and post-enactment itemization appear to draw into the appropriation process a "matter foreign to the budget appropriation bills" (136) and (2) a recognition of reliance on those constitutional amendments which reorganized administrative agencies to shift itemization from either the Legislature or the Governor to the agency head for whom the lump sum appropriation had been enacted.
It appears relatively clear that counsel can waive the itemization requirements of the statute, either unknowingly or by expressly agreeing to a less itemized form.
For example, an Ohio owner sent a check refunding part of the security deposit and an itemization explaining why she was keeping the rest of it.
2) The cumulation of past investment is paying off; the cost/benefit ratio of the itemization process clearly falls.
Participating Vendors should be prepared to provide information regarding their background, detailed system functionality, itemization of features and costs for the proposed software, implementation, training, and support services for an Enterprise Service Management Solution.
Additional Features and Content - New itemization focused on flexibility and play style choices, AA limit raised to 340, tradeskill apprentice items and a new PvP item tier.
As Travis mentioned earlier, itemization is one of our big focuses for Diablo III moving forward.
Lobbyists easily avoid triggering the itemization threshold by sharing expenses with other lobbyists.
Developed new documents, including ones for GFE acknowledgement; intention to proceed with application; attachment to HUD for line 801, 802, 1101 and 1104 itemization.
rent roll, profit and loss statement, itemization of
The Congress increasingly specified the itemization of appropriation bills, in part as a strategy to control Secretary of the Treasury Hamilton, who was viewed by some as a member of the executive branch.
In an effort to keep down the initial cost of the package, the provision permitting the itemization for charity giving would expire after two years.