2007-03-07 04:38:55 · 5 answers · asked by egyptianprincess 1 in Business & Finance ➔ Taxes ➔ United States
A write-off is a broader term describing an expense that you can deduct from your taxable income. An itemized deduction is a specific kind of write-off reported on Schedule A of Form 1040.
For example, I was able to "write-off" student loan interest but I used the standard deduction since I did not have enough deductions to "itemize" expenses. Oftentimes, people refer to things you can itemize as "write-offs", i.e. charitable contributions, mortgage interest, and medical bills, but these and other types of expenses can only be written off if you have more itemizations than your standard deduction.
2007-03-07 05:21:06 · answer #1 · answered by Luvly 3 · 1⤊ 1⤋
Once you have an item that is a write off then you must itemize it.
2007-03-07 12:44:24 · answer #2 · answered by Ray2play 5 · 1⤊ 1⤋
Itemizing is the official word for what many people refer to as "writing off". People who own a business often use the term "write off" to refer to their business deductions.
2007-03-07 12:45:19 · answer #3 · answered by Judy 7 · 2⤊ 2⤋
They both can be used as terms- to complete your yearly taxes!
Write off= re-embossed $$ by the company you work for or IRS allowed refundable money
Itemizing=every receipt saved during the year for cost of living expense. This could be from gas in your car ...to food purchased etc.
I suggest you talk to a H&R block specialist...or go to their web-site
2007-03-07 12:47:03 · answer #4 · answered by Anonymous · 0⤊ 2⤋
It is about the same thing.
www.irs.gov, individual, publication 17
good luck & bless
2007-03-07 12:41:53 · answer #5 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 1⤋