adjustments to income


Also found in: Legal.

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.

adjustments to income

Any of various amounts a taxpayer is allowed to subtract from his or her gross income when calculating adjusted gross income. These adjustments are permitted even if the taxpayer does not itemize deductions during a tax year. Allowable adjustments of particular interest to investors are interest penalties on early savings withdrawals and payments into IRAs and Keogh plans. See also adjusted gross income.
Mentioned in ?
References in periodicals archive ?
Our office can help you make the most of the various above-the-line adjustments to income on your 2014 tax return.
Above-the-line tax deductions
As mentioned, subsection 247(10) seems to require positive adjustments to income to be made.
Canadian transfer pricing rules keep pace with international developments
Additional net adjustments to income taxes of USD250,000 together with the part write-off of unused deferred tax assets, negatively impacted the same results.
First Defiance Financial reports increased net income for Q3 2014 year over year
Adjustments to income also lower your adjusted gross income (AGI), and a lower AGI can help you claim other income tax deductions and credits.
Make student loans less taxing
the way to insulate clients from market downturns--and obviate the need for adjustments to income distributions--is to subdivide the client's portfolio into 5-year "tranches.
It's all about timing: the impact of returns on distributions
Minimum required training topics include filing status, dependents, income, adjustments to income, tax computations, the earned income credit (EIC) and the child tax credit.
Pro-bono tax services: the role of tax academics and students
Several unique transactions that require adjustments to income were identified in the review of reports.
Treatment of certain practice problems in the statement of cash flows
These are among the topics covered in the Income Tax Course curriculum: Filing requirements, Exemptions and adjustments to income, Wages, income and taxes, Interest and dividend income, Earned Income Credit, Retirement contributions.
Australia,Brazil,Canada,India : H&R Block Opens Enrollment for Income Tax Course
With respect to the passive loss provision, for example, section 58 provides expressly that, in applying the limitation for minimum tax purposes, all minimum tax adjustments to income and expense are made and regular tax deductions that are items of tax preference are disregarded.
Is it still the alternative minimum tax?
Under a section captioned "Penalties," the IRS observes that lawsuit settlement cases usually result in significant adjustments to income.
Proper characterization of deductible legal fees

Financial browser ?
Full browser ?