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Income Averaging |
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Income Averaging A method by which farmers may sometimes reduce tax liability by computing their income tax as if their current farm income had been spread evenly over the preceding three years. The term also is sometimes used when referring to the 10-year averaging method, which is used for computing the tax on a lump-sum distribution from a qualified employer plan. See "10-Year Averaging." How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Joe is able to manage the machinery auction tax cost through use of farm income averaging. Ensures that farmers do not have to pay the alternative minimum tax when they use income averaging. In 2000, according to the World Bank, the average income in the advanced countries at purchasing price parity was $27,450, with the US income averaging $34,260 and Israel's income averaging $19,320. |
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