Ads
related to: tax itemization list template free
Search results
Results From The WOW.Com Content Network
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 are claimable in place of a standard deduction, if available. Most taxpayers are allowed a choice between itemized deductions and the standard deduction.
Itemized deduction, in United States tax law, expenses that individual taxpayers can claim on federal income tax returns Topics referred to by the same term This disambiguation page lists articles associated with the title Itemization .
Each year, taxpayers have the option of claiming the standard deduction or the itemized deduction. For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or ...
Because of itemized deduction caps and the standard deduction increase, the standard deduction gives almost 90% of tax filers the biggest tax break. TurboTax makes deciding easy.
Direct tax is a tax paid by a person, as opposed to a tax levied on a business that the person indirectly pays. Double taxation is when a tax is paid twice on the same income or item. Indirect tax is a tax collected by an intermediary (such as a store) on behalf of the person who actually is required to pay (such as a customer)
For tax year 2024, the standard deduction is $14,600 for single filers and married individuals filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly.