Itemize

(redirected from itemizing)
Also found in: Dictionary, Thesaurus, Legal.

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 ?
Pension plans were altered in 56 percent of the 403 contracts itemizing benefit changes.
But if you have accrued deductions such as business expenses, medical bills or mortgage interest, you may make out better itemizing the deductions.
When it comes to itemizing, be sure to keep adequate records of your move so that you can deduct as much as possible.
Prevent tax-time confusion by dating and itemizing expense reports.
Most often mentioned was insurance -- 87 percent of contracts itemizing changes.