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 ?
Scenario I maintains current law and allows only itemizers to take advantage of the credit, while Scenario 2 extends the credit to the charitable donations by taxpayers who do not itemize deductions.
Those in that category would be expected to be more informed and better able to take advantage of the incentive's full value compared to those who do not use it (those who take the standard deduction or itemizers who do not give to charity for other reasons).
The Panel believes that current law, with its arguably lavish provisions (multiple homes and million-dollar mortgages) that provide tax benefits disproportionately to high-income itemizers, may have strayed from the original intent.
The provision that allowed itemizers to deduct charitable contributions expired in 1987, and nonitemizers could no longer deduct any charitable contributions, though recent discussions on Capitol Hill have raised the possibility of reinstating the nonitemizer charitable deduction.
The lack of tax return information and/or information on itemizer status is a weakness of the sample.
The proportion of itemizers were found to be greater in the Northeast when compared to the respective itemizer proportions in the South and Midwest.
The increase in itemizers allowed for an analysis of donor demographics.
are indexed for inflation, "standard deduction creep" eliminated the conversion of nonitemizers to itemizers caused by inflation.
For an itemizer at the federal level, the tax price of a deductible tax is one minus the federal marginal tax rate.
Schedule A itemizers who love the ways they can write off deductions such as home mortgage interest, charitable contributions, and medical expenses may find more to love.
There would be no floor on deductions for itemizers, which had been proposed to be $210.
It's all too easy to miss a trick and overpay Uncle Sam, especially for taxpayers who take a standard deduction and assume additional tax breaks only apply to itemizers.