About: Itemized deduction

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Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and is claimable in place of a standard deduction, if available. The choice between the standard deduction and itemizing involves a number of considerations: Deductions are reported in the tax year in which the eligible expenses were paid. For example, an annual membership fee for a professional association paid in December 2009 for year 2010 is deductible in year 2009.

Attributes	Values
rdfs:label	Itemized deduction (en)
rdfs:comment	Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and is claimable in place of a standard deduction, if available. The choice between the standard deduction and itemizing involves a number of considerations: Deductions are reported in the tax year in which the eligible expenses were paid. For example, an annual membership fee for a professional association paid in December 2009 for year 2010 is deductible in year 2009. (en)
dct:subject	Taxation in the United States Tax terms
Wikipage page ID	299563 (xsd:integer)
Wikipage revision ID	1114843295 (xsd:integer)
Link from a Wikipage to another Wikipage	Cafeteria plan Amortization (tax law) Property tax in the United States Mortgage loan Alien (law) Hurricane Sandy Charitable contribution deductions in the United States Degenerative disease 1040A 1040EZ Taxation in the United States Connecticut Over-the-counter drug Gambling State income tax Political action committee Taxable income Use tax Adjusted gross income Tax terms Two-Percent Haircut Cosmetic surgery Health club Long-term care insurance Alternative minimum tax Fine (penalty) Nonresident alien Form 1040 Standard deduction Tax Cuts and Jobs Act of 2017 Tax return (United States) Sales taxes in the United States Point (mortgage) Insulin Internal Revenue Service New Jersey New York (state) Margin (finance) State and local tax deduction Filing Status (federal income tax) Resident for tax purposes United States tax law Excise tax
Link from a Wikipage to an external page	http://www.mileage-log.com/IRS-Mileage-Rate.asp
sameAs	Itemized deduction Itemized deduction Itemized deduction
dbp:wikiPageUsesTemplate	dbt:Anchor dbt:Reflist dbt:UStaxation
has abstract	Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and is claimable in place of a standard deduction, if available. Most taxpayers are allowed a choice between the itemized deductions and the standard deduction. After computing their adjusted gross income (AGI), taxpayers can itemize deductions (from a list of allowable items) and subtract those itemized deductions from their AGI amount to arrive at the taxable income. Alternatively, they can elect to subtract the standard deduction for their filing status to arrive at the taxable income. In other words, the taxpayer may generally deduct the total itemized deduction amount, or the applicable standard deduction amount, whichever is greater. The choice between the standard deduction and itemizing involves a number of considerations: * Only a taxpayer eligible for the standard deduction can choose it. * U.S. citizens and aliens who are resident for tax purposes are eligible to claim the standard deduction. Nonresident aliens are not eligible. * If the taxpayer is filing as "married, filing separately", and his or her spouse itemizes, then the taxpayer cannot claim the standard deduction. In other words, a taxpayer whose spouse itemizes deductions must either itemize as well, or claim "0" (zero) as the amount of the standard deduction. * The taxpayer must have maintained the records required to substantiate the itemized deductions. * If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of standard deduction cannot be changed following an audit unless the taxpayer's filing status changes. * If the taxpayer is otherwise eligible to file a shorter tax form such as 1040EZ or 1040A, he or she would prefer not to prepare (or pay to prepare) the more complicated Form 1040 and the associated Schedule A for itemized deductions. * The standard deduction is not allowed for calculating the alternative minimum tax (AMT). If the taxpayer claims the standard deduction for regular income tax, he or she cannot itemize deductions for the AMT. Thus, for a taxpayer who pays the AMT (i.e., their AMT is higher than regular tax), it may be better to itemize deductions, even if it produces a result which is less than the standard deduction. Deductions are reported in the tax year in which the eligible expenses were paid. For example, an annual membership fee for a professional association paid in December 2009 for year 2010 is deductible in year 2009. The United States has a comparatively large and complicated number of deductions owing to policy makers preference to pass policy through the tax code. (en)
gold:hypernym	Expense
prov:wasDerivedFrom	wikipedia-en:Itemized_deduction?oldid=1114843295&ns=0
page length (characters) of wiki page	12652 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Itemized_deduction
is Link from a Wikipage to another Wikipage of	Presidency of John F. Kennedy Ron Kirk Hurricane Sandy Revenue Act of 1964 Internal Revenue Code section 1 Predicted effects of the FairTax Itemized deductions Commissioner v. Banks Cindy McCain CompleteTax Deduction Paycheck Adjusted gross income Tithe Health savings account Hearing aid Alternative minimum tax Foreign Investment in Real Property Tax Act Capital gains tax in the United States Car donation Form 1040 Presidency of Donald Trump Standard deduction Tax Cuts and Jobs Act of 2017 Above-the-line deduction Manitoba Legislative Building Institute on Taxation and Economic Policy Omnibus Budget Reconciliation Act of 1990 Omnibus Budget Reconciliation Act of 1993 Tax bracket State and local tax deduction Expense account Form 990 Taxation in the United States Recovery of funds from the Madoff investment scandal Political positions of Paul Ryan Tax shield Write-off Two-percent haircut

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