Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So, what is it and why is it important?
Many people think of a “dependent” as a minor child who lives with you. This is true, but it’s important to remember dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. Exemptions and your taxable income. Each dependent deduction is worth $4,050 on your 2016 and 2017 federal […]