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Itemized deduction |
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Itemized deductionSpecific deductions allowed by the IRS outlined in the tax return.Itemized deduction Similar MatchesStandard deductionStandard deductionThe IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions. 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. Interest deductionInterest deductionAn interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes. Tax deductionTax deductionAn expense that a taxpayer is allowed to deduct from taxable income. 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. Further SuggestionsdeductionDividends received deduction mortgage interest deduction Deduction Tax deduction Marital deduction Mortgage interest deduction |
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