In accounting terms, your taxable income refers to the income amount used to calculate your income tax in a single year, also called the adjusted gross income (AGI). The AGI refers to the individual’s total income minus allowed exemptions and deductions.
Read MoreTaxes are challenging and tax season is stressful even for those of us that are fully prepared to file our taxes. I do everything I am supposed to when it comes to filing my taxes, but every time I file my taxes, I still have the slightest feeling of dread.
I know there are red flags that cause the IRS to look twice at a tax return. If you can avoid these items in your taxes and follow the rules, you should never have to face an audit.
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