Itemize

(redirected from itemizes)
Also found in: Dictionary, Thesaurus, Legal.
Related to itemizes: itemized bill

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 ?
Moreover, only people who itemize expenses on their tax returns can claim it.
Determining whether middle-income taxpayers that itemize their deductions will be subject to an AMT Liability requires knowing the filing status, number of dependents, and type and amount of itemized deductions.
If married taxpayers itemize their deductions, expenses that might be lost on a joint return may be deductible on separate returns.
63(c)(6)(A), which provides that a married individual filing a separate return in which either spouse itemizes deductions shall have a standard deduction of zero.