While taxable income and adjusted gross income (AGI) might sound similar, they refer to different stages of your income after certain deductions and adjustments have been applied. AGI starts with your ...

Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

Annual income is the amount of money you bring home each year prior to deductions. For example, if your base pay is $45,000 per year, that’s your annual income even though your take-home pay is less ...

You may owe net investment income tax if you made more than the NIIT income threshold. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...

The IRS doesn’t care how old you are. If you have an income, it requires you to pay taxes, even if your first pimple hasn't appeared or you haven't learned to drive. So, while it’s exciting for kids ...