Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
3,891,787,023 visitors served.
forum Join the Word of the Day Mailing List For webmasters
?
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

Adjustment to Income

    0.01 sec.
Adjustments to Income
In U.S. tax, deductions that reduce one's taxable income. When calculating a taxpayer's tax liability, one takes the amount of money he/she has made over the tax year and takes away deductions such as contributions to IRA accounts, business expenses, and so forth. One refers to these deductions as adjustments to income.

Adjustment to Income
An expense that may be deducted even if the taxpayer does not itemize deductions. Adjustments to income are subtracted from gross income to arrive at adjusted gross income.


Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content.
?Page tools
Printer friendly
Cite / link
Feedback
Add definition
Mentioned in?  References in periodicals archive?   Financial browser?   Full browser?
 
Individuals can take this benefit as an adjustment to income and do not have to itemize deductions to claim it.
The deduction is 100% (for 2003) of the amount paid for medical insurance for the employee-shareholder and his or her spouse and dependents, and is reported as an adjustment to income.
On this return, Gale reported the pension contribution as a business expense on Schedule C rather than an adjustment to income on Line 27 of Form 1040.
 
 
 
Financial Dictionary
?

Terms of Use | Privacy policy | Feedback | Advertise with Us | Copyright © 2012 Farlex, Inc.
Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.