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Download as PDF; Printable version; ... Itemization may refer to: List; Itemized deduction, in United States tax law, expenses that individual ...
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.
Net investment income tax: Net investment income is subject to an additional 3.8% tax for individuals with income in excess of certain thresholds. Tax returns: U.S. corporations and most resident individuals must file income tax returns to self assess income tax if any tax is due or to claim a tax refund.
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.
Read on to discover the pros and cons of a standard deduction vs. itemized deduction to decide which approach is best for you. It shields a portion of your earnings from income tax. While the ...
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)