taxable income

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Taxable income

Gross income less a variety of deductions.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Taxable Income

In U.S. tax, an individual's income after all deductions. Individuals and corporations may eliminate certain expenses from their incomes for tax purposes. For example, if someone makes $30,000 per year and spends $4,000 on tuition for college, that person's taxable income is reduced to only $26,000, and the person pays a portion of that to the government. Everyone may take a standard deduction or may itemize deductions to arrive at one's taxable income. In corporations, profits may be offset by business losses to arrive at the taxable income. See also: Adjusted gross income, Modified adjusted gross income.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

taxable income

The income that is subject to taxation. Taxable income remains after accounting for adjustments and deductions.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

taxable income

the amount of an individual's income that is subject to TAXATION once any tax allowances to which the taxpayer is entitled have been deducted.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

taxable income

the amount of an individual's income that is subject to TAXATION once any tax allowances to which the taxpayer is entitled have been deducted.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

taxable income

Gross revenues minus almost all operating expenses, depreciation, loan interest, and a few other minor items. Some business expenses, such as entertainment, are not fully deductible.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

Taxable Income

Taxable income is equal to adjusted gross income reduced by itemized deductions or the standard deduction, and by allowable personal and dependent exemptions.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
3 This income measure is the sum of all positive and potentially taxable incomes reported on form 1040 before the netting out of any negative income items, such as partnership losses.
The relationship of taxable income to the marginal tax rate has important implications for both the revenue consequences of tax policy and the deadweight loss of the income tax.(1) Not surprisingly, then, Feldstein's (1995b) analysis of the 1986 tax reform, in which he concluded that taxable income is highly responsive to changes in the marginal tax rate, has been closely examined and subjected to certain criticisms, which are summarized in Slemrod (1995b), Auten and Carroll (1995), and Goolsbee (1998).
Trusts now face a regular tax rate of 36% for taxable income over $5,500 and 39.6% for taxable income over $7,500.(3) Taxpayers who in the past have used trusts as a vehicle to spread AMT adjustments and preferences among several taxpaying entities may find this strategy significantly less beneficial.
179 expensing election may also be taken for AMT and adjusted current earnings (ACE) purposes, this should reduce the AMT exposure for small businesses with some capital expenditures (less than $217,500) and taxable income for the year.
In addition to reducing AGI, review your itemized deductions to slash taxable income further.
For property purchased from a financial institution that acquired the property by foreclosure or that was held by the financial institution at the time it entered into receivership, mortgage payments may, in certain situations, now be based on the revenue, income or profits derived from the real estate activity without being treated as unrelated business taxable income (UBTI).
An increase in the corporate tax rate from 34% to 36% for companies with taxable income over $10 million is slated to raise some $30.5 billion over the six-year period.
That writeup, in turn, will be accompanied by a charge to earnings generally equal to 2% of taxable income. By the same token, companies with deferred tax assets (mainly banks and companies with tax loss carryforwards) will enjoy a corresponding credit to income because they will be able to write up their deferred tax assets to reflect the new 36% rate.
6, 1986, it is a tax preference item includible in computing alternative minimum taxable income (AMTI).
179 made by the Technical and Miscellaneous Revenue Act of 1988 (TAMRA) and the Tax Reform Act of 1986 (TRA), provide guidance on the dollar and taxable income limits affecting Sec.