|
WordNet-Online
| ||||
Definitions from the WebItemized DeductionsDefinition: Itemized deductions refer to specific expenses that taxpayers can subtract from their adjusted gross income to lower their taxable income. These deductions are reported on Form 1040, Schedule A, and the total itemized deductions are calculated by summing up all eligible expenses. Sense 1: Noun - Tax deductions that can be claimed by taxpayers by listing individual expenses and subtracting them from their taxable income. Example Sentence: John consulted an accountant to ensure he maximized his itemized deductions on his tax return. Related Products: Tax Deduction Guidebooks Sense 2: Adjective - Describing a detailed list of specific deductions made by an individual for tax purposes. Example Sentence: Mary prepared an itemized deductions worksheet to keep track of all her eligible expenses. Sense 3: Verb - The act of listing or detailing specific expenses in order to claim deductions on taxes. Example Sentence: The accountant advised Richard to itemize his deductions instead of taking the standard deduction. Related Products: Tax Preparation Software | ||||
item s itemisation itemise itemised itemization itemizations itemize itemized itemized deductions itemizing items items one can beat itenarary itenary iteneary itenerary itenery
|