History and Objectives of Itemized Deductions

History and Objectives of Itemized Deductions

The federal income tax law has allowed Itemized deductions for a long period of time since 1913. However, their amendment has been a continuous process, leading to alteration, aIDitions, and rejection of some computations. In early 1990s, taxpayers whose income was above threshold were subjected to limitations on their total itemized deductions. However, taxpayers whose adjusted gross income was above threshold, had their allowable itemized deductions reduced by 3% on the excess, to a maximum reduction of 80% of total deductions. By 2002, about 35% of all federal income tax returns for individuals were filed based on itemized deductions, other than standard deductions.


Place an order with us to get a customized paper similar to this or any related topic. NB: The assignment will be done from scratch and it will be 100% original.

"Get 15% discount on your first 3 orders with us"
Use the following coupon

Order Now