Depreciation recapture taxes gains from selling depreciated property as ordinary income, reclaiming prior tax benefits. If you’re a business owner, you’ve probably bought at least some property to use ...

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 ...

Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, certified VITA tax preparer, IRS annual filing season program participant, and tax writer. Assessable ...

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 ...

Anyone who has run a business of any size understands how confusing and, at times, complex the tax code can seem. So deferred tax assets (DTAs) can be challenging. However, understanding them is ...

The alternative minimum tax (AMT) calculation determines whether a taxpayer must pay an additional amount beyond their regular income tax liability. To calculate AMT, taxable income is adjusted by ...

If A, from the example in the article, had the same amount and type of taxable income in 2017 under the old kiddie tax rules and her parents had taxable income of $250,000 and they did not owe ...

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Taylor Tepper covered banking, investing and pretty much everything else in personal finance for more than a decade, with his work appearing in the New York Times, Fortune and MONEY magazine, as well ...