Legal glossary
What is Legal Terms - Taxable Income?
Legal Terms - Taxable Income — Taxable Income Information: Taxable income is the taxpayer's adjusted gross income minus all allowable tax deductions. This taxable income amount is the figure used to calculate actual tax owed. Examples of allowable deductions for an individual taxpayer are state and local tax expense, charitable contributions, and home mortgage interest. Finding all the allowable deductions is the job of every…
Taxable Income Information: Taxable income is the taxpayer's adjusted gross income minus all allowable tax deductions. This taxable income amount is the figure used to calculate actual tax owed. Examples of allowable deductions for an individual taxpayer are state and local tax expense, charitable contributions, and home mortgage interest. Finding all the allowable deductions is the job of every tax planner.