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 ?
Against such evidence, I would argue that necrologies occupy a unique space in the spectrum of itemization.
Upon receipt of a grouped bill, I asked for an itemization.
An itemization of each piece, including the title, medium, size and retail price
Since itemization status lowers the effective tax rate and since individuals who itemize tend to have higher levels of income, we expect that the Itemization dummy variable will be positively correlated with income reporting.
The child with the right toys makes the most friends, after all, and what is a MySpace webpage or a Friendster profile if not an itemization of one's favorite distractions?
In general, a Type A syllabus, with its itemized structure gives the teacher high levels of accountability, whereas the Type B syllabus that is focused mainly on the tasks does not allow for as much itemization, therefore, providing lower levels of accountability for the teacher.
The Governor responded that the Legislature did not have the authority to appoint its own members to carry out the executive power of post-enactment itemization, since the Constitution prohibited members of the Legislature from receiving any "civil appointment" during their tenure in office.
Seven appendices contain forms such as a security contractor questionnaire, a scheduling-efficiency comparison, and a vendor bill rate itemization.
The manager's solution was to ask her for an itemization of her monthly expenses so he could help her budget her money better.
Therefore, federal agencies may pay service provider bills that include itemization of the amended District 9-1-1 surcharge.
4--Compilation of Loan Data, under 4(a) Data Format and Itemization, a new paragraph 4 is added: