Floors
Floors means:
the lower limits on tax benefits and detriments. Examples are the 7.5% medical expense floor, the 10% casualty loss floor, and the 2% floor for miscellaneous itemized deductions. The percentages are applied to Adjusted Gross Income. A taxpayer must spend more than the floor for a deduction, and only the amount above the floor is deductible.
U.S. and other Developed Countries International Tax Meaning
The lower limits on tax benefits and detriments, e.g. in medical expense. A taxpayer must spend more than the floor for a deduction, and only the amount above the floor is deductible.
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