ITEMIZED DEDUCTIONS Definition

Bookmark and Share

ITEMIZED DEDUCTIONS is amounts paid by an individual taxpayer for personal and quasi-business expenses that can be deducted in computing taxable income, such as medical expenses, property and income taxes, mortgage and investment interest, charitable contributions, moving expenses, casualty and theft losses, and certain miscellaneous expenses. See STANDARD DEDUCTIONS.

Learn new Accounting Terms

RELEVANT COST, in managerial accounting decision-making situations, is any negative-implications phenomenon which is consequent upon the production process, whether it is denominated in money terms or not.

OTHER NON-CURRENT ASSETS are prepaid items and any other non-current assets.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.