Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
Itemized deduction — Individual taxpayers in the United States are allowed a choice when preparing their Federal income tax returns. After computing their Adjusted gross income (AGI), taxpayers can itemize their deductions (from a list of allowable items) and… … Wikipedia
itemized — itemize i‧tem‧ize [ˈaɪtəmaɪz] also itemise verb [intransitive, transitive] to present information in the form of a list, giving details about each item on the list: • The report itemized several areas of concern. • Taxpayers who don t itemize (=… … Financial and business terms
Itemized Deduction — 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. The specific deductions that are allowed are outlined by the Internal Revenue Service and … Investment dictionary
itemized deduction — Specific deductions allowed by the IRS outlined in the tax return. Bloomberg Financial Dictionary … Financial and business terms
IRS Publication 529 - Miscellaneous Deductions — A document published by the Internal Revenue Service (IRS) detailing miscellaneous expenses that can be reported as itemized deductions on Schedule A of Form 1040 or Form 1040NR. The deduction is calculated by subtracting 2% of the adjusted gross … Investment dictionary
Two-Percent Haircut — The Two Percent Haircut [Samuel A. Donaldson, Federal Income Taxation of Individuals: Cases, Problems, and Materials, Second Edition. Thomson West (2005) at 30.] , otherwise known as the two percent floor , is a limitation on miscellaneous… … Wikipedia
deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex … Law dictionary
Above the line deduction — In the United States, an above the line deduction is a term used to describe those deductions which the Internal Revenue Service allows a taxpayer to subtract from his or her gross income. These deductions are set forth in Internal Revenue Code… … Wikipedia
deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… … Black's law dictionary
deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… … Black's law dictionary
