deduction, itemized


deduction, itemized
n.
Expenses individually listed and deducted from gross income.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

Look at other dictionaries:

  • itemized deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   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

  • 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

  • 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

  • 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

  • Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… …   Wikipedia

  • 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 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

  • Mortgage Interest Deduction — A common itemized deduction that allows homeowners to deduct the interest they pay on any loan used to build, purchase or make improvements upon their residence. The mortgage interest deduction can also be taken on loans for second homes and… …   Investment dictionary