Tax

Tag: IT

  • Itemized Deductions

    Itemized Deductions means:specific individualized tax deductions, allowed under provisions of the Internal Revenue Code and state and municipal tax codes for specific expenses incurred by the taxpayer during the taxable year (e.g., unreimbursed medical expenses, qualified residence […]

  • Itemized Deduction Limitation

    Itemized Deduction Limitation means:a restriction whereby a taxpayer with an Adjusted Gross Income (AGI) in excess of a prescribed threshold is required to reduce his or her otherwise allowable itemized deductions. The required reduction equals…