|
|
Itemized deduction |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Itemized deductionSpecific deductions allowed by the IRS outlined in the tax return.Itemized deduction Similar MatchesDividends received deductionDividends received deductionA corporate tax deduction on income allowed by company A that is in ownership of shares of company B and receives dividends on the shares of company B. Unlimited marital deductionUnlimited marital deductionAn Internal Revenue Service provision that allows an individual to transfer an unlimited amount of assets to a spouse, during life or at death, without incurring federal estate or gift tax. DeductionDeductionIn the US, an expense allowed by the Internal Revenue Service which is deducted from adjusted gross income to establish taxable income. These include interest payments and state and local taxes. The equivalent term in the UK is 'tax allowance', and the main one is the 'personal allowance' of tax-free income which every individual is entitled to. Certificate of deduction of taxCertificate of deduction of taxA certificate, issued by a building society or bank (in accordance with Section 352 of the Income and Corporation Taxes Act 1988) to its customers with interest bearing accounts, in which gross interest, tax deducted and net interest are depicted. Mortgage interest deductionMortgage interest deductionIn the US, an allowable federal tax deduction for the annual interest paid on a mortgage. Further SuggestionsTax deductionStandard deduction Mortgage interest deduction Interest deduction Marital deduction Deduction Tax deduction |
|
|
|