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 ?
eView) software, plus associated professional services, to allow Norwich Union to generate itemized monthly bills.
If T uses a home equity loan instead to purchase the vacation home, the interest would be deductible as an itemized deduction rather than a rental expense (assuming T has no other home equity interest expense and he does not elect out of the home equity debt treatment).
The ALJ reasoned that the ordering convention resulted in a double disallowance of the taxpayer's itemized deduction for state and local income taxes because it required the add back of the entire amount of state and local taxes although the Federal deduction had already been limited by the IRC section 68 limitation.
If your itemized deductions hover around the same level as the standard deduction, "bunch" or aggregate deductions in a year that you itemize and take the standard deduction the following year.
In NOL creation years, a taxpayer's AGI is usually low; consequently, itemized deductions subject to an AGI floor are generally more fully deductible than would normally be the case (e.
The amount of the reimbursement is not included in income and there is no AMT adjustment for the related expenses since they are not deducted as miscellaneous itemized deductions.
A theft loss is excluded from the phase-out of itemized deductions required by Sec.
63c(6)(A) says that if one of them uses itemized deductions, the other one has a zero standard deduction.
Unfortunately for taxpayers the law treats the deduction as a miscellaneous itemized deduction subject to the 2% of AGI floor.
However, itemized expenses incurred during the hotel stay can now be passed electronically to the issuing financial institution, which then passes the data to its corporate clients, ultimately resulting in substantial benefits for travelers and travel managers alike.
Between 1990 and 2001, the number of tax returns claiming itemized deductions increased by 38.