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 ?
BUSINESS WIRE)--May 2, 1997-- The Federal Aviation Administration has chosen the ITEMISER explosives detector by Ion Track Instruments to provide enhanced security for passengers at airports across the country.
The ITEMISER detects the presence of an explosive in seconds and works by analyzing samples trapped on a paper filter.
In addition to being easy to use, portable, fast and accurate, the ITEMISER can instantly be switched to narcotics detection simply by pushing a button.
Based on newly patented ITMS technology, the ITEMISER sells for one-third the price of slower, older technology detectors that are in place at some airports overseas.
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.