Tag Archives: Adjusted Gross Income
Adjusted Gross Income can impact the credits and deductions you are able to claim, this can lead to a reduction in the amount of taxable income reported on your tax return. You are probably paying more attention to your taxable income then your adjusted gross income when you are preparing your tax return. You should […]
— Read moreAt tax time, you’ll see reference to “adjusted gross income (AGI)” many times throughout your forms. Many credits and deductions apply income thresholds and brackets which are dependent on your AGI, so it’s important to know how to determine your adjusted gross income. First, you’ll have to know your gross income. From that amount, you’ll […]
— Read moreEstimated Tax Payments When you have any form of income that isn’t subject to regular taxation, such as retirement distributions or self-employment pay, the IRS may hold you accountable for making payments to cover any amount of tax you may owe at the end of the year. If you don’t pay the correct amount, (your […]
— Read moreDo you have a child under the age of 17? If so, you may be eligible to claim the Child Tax Credit, in which each child is worth a tax reduction of up to $1,000. In situations where the Child Tax Credit is worth more than the amount you owe in income tax, the Additional […]
— Read moreLearning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]
— Read moreIn case you needed another reason to lose weight, you may find a tax deduction this season if you use certain treatment options to lose weight. It’s statistically proven that individuals are five times more likely to lose weight if they have something to gain from it financially. In order to claim a deduction, the […]
— Read moreDid you know that even if you don’t have an expense account at your job, you may still be able to deduct some expenses you incur while working? The only catch is that your expenses must be greater than 2% of your adjusted gross income. That means that things like taxi fares, fees paid for […]
— Read moreNo one enjoys paying taxes, however the fact that you’re entire salary isn’t taxed by the federal government should make it a little bit easier to swallow. During tax time, you’re required to report your entire income, but the IRS deducts certain amounts, like education costs and retirement plan contributions, before determined the amount of […]
— Read moreTaxpayers who are disabled are still subject to income tax, except in situations where the law specifically excludes certain income. If you were using disability while you retired, you have to include the pension you receive from your employer when you file a tax return. You are required to report disability income as part of […]
— Read moreThis year, there are new rules that apply to taxpayers who want to deduct any type of medical expenses on their tax return. These new rules can affect your return, and you should be aware before you file. Familiarize yourself with the following guidelines if you are seeking deductions for your medical or dental expenses.
— Read more
