Taxable Income: Form 1040 Decoded
As we go down Form 1040 in your personal tax returns, we talked about Total Income and Adjusted Gross Income in the last couple of weeks. Today, we move on to the most important one- Taxable Income. In brief, Total Income is just that. All your income from employment or business, as well as investments- […]
Adjusted Gross Income: Form 1040 Decoded
Last week, we took a look at how Total Income is defined for tax purposes. Today, we go down the 1040 to see what’s next: Adjusted Gross Income. Adjusted Gross Income Your Total Income (line 7b) on Form 1040 minus Adjustments to Income = Adjusted Gross Income. The Adjustments to Income come from line 22 […]
Total Income: Form 1040 Decoded
Form 1040 is the form individual taxpayers use in order to file their tax returns. You can find a ton of information on the 1040, today we will focus on the Income aspect. Different aspects of your finances are collated via different other Forms and Schedules. All this information comes together in Form 1040 to […]