Discover what medical expenses are deductible, including examples like insurance premiums and prescriptions, and learn how ...

Depreciation recapture taxes gains from selling depreciated property as ordinary income, reclaiming prior tax benefits. If you’re a business owner, you’ve probably bought at least some property to use ...

While taxable income and adjusted gross income (AGI) might sound similar, they refer to different stages of your income after certain deductions and adjustments have been applied. AGI starts with your ...

Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, certified VITA tax preparer, IRS annual filing season program participant, and tax writer. Assessable ...

Annual income is the amount of money you bring home each year prior to deductions. For example, if your base pay is $45,000 per year, that’s your annual income even though your take-home pay is less ...

Adjusted gross income is a tax term everyone should understand. Also known as AGI, it has ramifications that extend beyond the tax season. “People are asking you all the time for your adjusted gross ...

If you receive Social Security benefits, keep in mind that you likely need to pay taxes on that money. Like many parts of the ...

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