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 ?
The ITEMISER could also be used to screen planes, cabins and cargo helping to meet President Clinton's call for a commitment to air safety made last summer.
The ITEMISER is a portable, fast and accurate way to check for explosives and/or narcotics at high risk facilities such as airports.
The ITEMISER can detect both narcotics and explosives, including plastic explosives that cannot be detected by other methods such as x-rays, simply by pushing a button.
The ITEMISER tells the operator exactly what kind of explosive or drug has been detected and it will make a permanent, time stamped record of that detection which can be printed by the on board printer.