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'Income' may not be what you think. (Originated from Knight-Ridder Newspapers)
- Article from:
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Knight Ridder/Tribune News Service
- Article date:
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February 16, 1995
- Author:
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Copyright informationCOPYRIGHT 1995 Knight-Ridder/Tribune News Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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``Income'' is a frequently misused and misunderstood term. Here are the seven types of income you might encounter on your tax returns _ as well as in political debates over the Republicans' ``Contract With America'' and President Clinton's ``Middle-Class Bill of Rights.'' Because the legalistic definitions vary significantly, if someone says ``income,'' it's often wise to clarify which kind.
_ADJUSTED GROSS INCOME: This tax computation is a basic building block for calculating your tax bill. Deductions that reduce your AGI _ often called ``above-the-line deductions'' _ are valuable because, generally, the lower your AGI, the lower your taxes. Your AGI essentially is ...
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