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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 MatchesTax deductionTax deductionA provision of the tax code that specifies an amount by which a taxpayer's tax base will be reduced in return for some behavior, resulting in a lowering of the amount of tax paid that depends on their tax rate. DeductionDeductionAn expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations. Dividends 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. 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. Mortgage interest deductionMortgage interest deductionA federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. Further SuggestionsStandard deductioncertificate of deduction of tax Unlimited marital deduction Marital deduction Interest deduction mortgage interest deduction Tax deduction |
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