What does itemized deduction mean?
Definitions for itemized deduction
item·ized de·duc·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word itemized deduction.
Wikipedia
Itemized deduction
Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and is claimable in place of a standard deduction, if available. Most taxpayers are allowed a choice between the itemized deductions and the standard deduction. After computing their adjusted gross income (AGI), taxpayers can itemize deductions (from a list of allowable items) and subtract those itemized deductions from their AGI amount to arrive at the taxable income. Alternatively, they can elect to subtract the standard deduction for their filing status to arrive at the taxable income. In other words, the taxpayer may generally deduct the total itemized deduction amount, or the applicable standard deduction amount, whichever is greater.
Wikidata
Itemized deduction
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 their taxable income. Most taxpayers are allowed a choice between the itemized deductions and the standard deduction. After computing their adjusted gross income, taxpayers can itemize their deductions and subtract those itemized deductions from their AGI amount to arrive at their taxable income amount. Alternatively, they can elect to subtract the standard deduction for their filing status to arrive at their taxable income. In other words, the taxpayer may generally deduct the total itemized deduction amount, or the standard deduction amount, whichever is greater. The choice between the standard deduction and itemizing involves a number of factors: Only a taxpayer eligible for standard deduction can choose it. U.S. citizens and resident aliens are eligible to take the standard deduction. Nonresident aliens are not eligible. If the taxpayer is filing as "married, filing separately", and his or her spouse itemizes, then the taxpayer cannot take the standard deduction.
Numerology
Chaldean Numerology
The numerical value of itemized deduction in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of itemized deduction in Pythagorean Numerology is: 6
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"itemized deduction." Definitions.net. STANDS4 LLC, 2024. Web. 29 Apr. 2024. <https://www.definitions.net/definition/itemized+deduction>.
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