Sentences with phrase «itemize allowable deductions»

If you are a noncitizen you must itemize allowable deductions if you're either of these:

Not exact matches

u A further reduction in allowable itemized deductions for taxpayers earning over $ 10 million a year.

Also, miscellaneous itemized deductions are not allowable for alternative minimum tax purposes, so for a lot of people, it wouldn't even apply.

Home health care costs are tax deductible as a medical expense, but you must meet certain criteria for the type of care and expense, and you must have enough allowable deductions to file itemized deductions for your tax return.

For the most part, an individual may claim those deductions allowable as itemized deductions under the Internal Revenue Code.

Overall, taxable income is that portion of your gross income which is subject to taxation by the governing authority, minus any allowable itemized or standardized deductions.

Her actual allowable itemized deductions amount to $ 30,028.

(1) estimated itemized deductions allowable under chapter 1 (other than the deductions referred to in section 151 and other than the deductions required to be taken into account in determining adjusted gross income under section 62 (a)(other than paragraph (10) thereof)-RRB-,

Now, if you itemize, if you can itemize, if you've got mortgage interest deductions, and charity, and a certain amount of state and local taxes are allowable, I'll get to that in a second.

To figure out whether itemizing would be profitable for you, you need to determine whether the allowable expenses you paid during the year — for things like home mortgage interest and property taxes, state income or sales taxes, medical expenses, charitable donations, etc. — exceed the standard deduction for your filing status.

In summary, taxable income is that portion of your gross income which is subject to taxation by the governing authority, less any allowable itemized or standardized deductions.

'' (3) Any amount deducted from gross income under section 164 of the Code as state, local, or foreign income tax or tax, as state or local general sales tax tax, or as qualified motor vehicle tax to the extent that the taxpayer's total itemized deductions deducted under the Code for the taxable year exceed the standard deduction allowable to the taxpayer under the Code reduced by the amount the taxpayer is required to add to taxable income under subdivision (4) of this subsection.subsection (a2) of this section.»