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 ?
Distant Prospect, who was eight lengths behind Itemise at Doncaster, was beaten a bit less than that in the Cesarewitch on ground that would have been plenty fast enough for him.
The rest were beaten off by eight lengths and more that day on what was Itemise's first run over a mile and six furlongs, and if she continues to progress she will take all the beating in the Lady Godiva Fillies' Stakes over the same trip.
"Itemise had some niggly problems but ran very well first time out at Ripon.