Exchange Currency

itemized deduction

An incurred expense which reduces an individual's taxable income, in accordance with IRS regulations (specifically, such deductions are usually limited to 2% of adjusted gross income). Examples include mortgage interest, state and local taxes, charitable gifts, and medical deductions.

Related information about itemized deduction:
  1. Itemized deduction - Wikipedia, the free encyclopedia
    An itemized deduction is an eligible expense that individual taxpayers in the United States can report on their federal income tax returns in order to decrease ...
     
  2. Itemized Deduction Definition | Investopedia
    A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year.
     
  3. Itemized Deductions - Preparing Your 1040
    You can claim an itemized deduction for: Medical, dental, prescription drugs, and other health care costs,; State and local income taxes or state and local sales ...
     
  4. Tax Topics - Topic 500 Itemized Deductions
    Sep 12, 2012 ... Topic 500 - Itemized Deductions. The following topics are found in the category of Itemized Deductions. Each topic is followed by a ...
     
  5. Standard or itemized tax deduction?
    Jan 20, 2012 ... What's the best way to reach the smallest possible taxable income level -- with a standard or itemized deduction? It depends on your personal ...
     
  6. Romney Floats Idea of Itemized Deduction Cap - WSJ.com
    Oct 3, 2012 ... He suggested he would support capping itemized deductions for most Americans at $17000 in order to ensure that lowering tax rates for all ...
     
  7. Itemized Deductions: A Beginner's Guide
    Feb 11, 2010 ... To find your taxable income, you must subtract the standard or itemized deduction from your Adjusted Gross Income (AGI). To be blunt, these ...
     
  8. How a $25,000 Itemized Deduction Cap Would Affect Homeowners ...
    How a $25,000 Itemized Deduction Cap Would Affect Homeowners. Clark Lundberg November 5th, 2012. In the run up to the 2012 presidential election, tax ...