Posts Tagged ‘income tax’
Adjusted Gross Income (AGI)
For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions.[1] Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Source: Wikipedia These deductions reduce AGI. Amounts deductible against gross income in…
Read MoreSchedule A – Itemized Deductions
If the total of a taxpayers itemized deductions is greater than standard deduction for the applicable filing status, Schedule A should be used. Here is a summary of deductions which are itemized on Schedule A Medical and Dental Expenses Taxes Paid Interest Paid Investment Interest Expense Interest – Mortgages Points – Mortgages Other Mortgage Interest…
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