Taxable income is gross income less adjustments and allowable tax deductions. No deduction is allowed for most miscellaneous itemized deductions. The deduction will not be subject to the limitations on deduction of itemized deductions. Taxable income is gross income as adjusted minus deductions. Taxable income is gross income less exemptions, deductions, and personal exemptions. Taxable income is the difference between assessable income and allowable deductions. Many states allow a standard deduction or some form of itemized deductions. Tax incentives include federal and state tax deductions and tax breaks. Significant other adjustments to income and deductions apply. Individuals claiming itemized deductions must complete Schedule A. Gross income is reduced by adjustments and deductions. State rules vary widely regarding to individual itemized deductions. Some companies are eligible for deductions, concessions and exemptions. Principles for recognizing income and deductions may differ from financial accounting principles. Some jurisdictions impose express limits on tax deductions of branches.