Sentences with phrase «allowable deductions from»

(3) Net income is obtained by subtracting allowable deductions from gross income.

AGI factors a number of allowable deductions from one's gross income to reach the figure for which an individual's income taxes will be calculated, and is generally more useful than gross income for individual tax activities.

To obtain your taxable sales figure, subtract any allowable deductions from gross sales.

The final allowable deduction from Weekly Gross Income in arriving at weekly adjusted income is for alimony ordered in decrees from foreign jurisdictions or spousal maintenance.

Not exact matches

If you mine for digital currency as your own business, then the net earnings from that — gross income minus allowable deductions — are subject to self - employment tax.

The debt - to - equity ratio has also been revised from 2:1 to 3:1 to allow for additional debt financing and at the same time allow the interest on the debt as an allowable deduction.

You should read the guidance notes carefully, particularly the parts that explain what counts as income for tax credits and what deductions are allowable from income.

Your Adjusted Gross Income (AGI) is defined as your gross income from all taxable sources, minus certain allowable tax deductions.

Allowable deductions are subtracted from your assessable income to find your taxable income.

A-9: If a taxpayer's «mining» of virtual currency constitutes a trade or business, and the «mining» activity is not undertaken by the taxpayer as an employee, the net earnings from self - employment (generally, gross income derived from carrying on a trade or business less allowable deductions) resulting from those activities constitute selfemployment income and are subject to the self - employment tax.

From your gross income, allowable tax deductions as defined in Section 63?

'' (3) Any amount deducted from gross income under section 164 of the Code as state, local, or foreign income tax or tax, as state or local general sales tax tax, or as qualified motor vehicle tax to the extent that the taxpayer's total itemized deductions deducted under the Code for the taxable year exceed the standard deduction allowable to the taxpayer under the Code reduced by the amount the taxpayer is required to add to taxable income under subdivision (4) of this subsection.subsection (a2) of this section.»

Your allowable deductions include travel expenses to and from animal shelters, veterinarians, committee meetings, fundraising events, and so on.

Further, if a taxpayer's mining of virtual currency constitutes a trade or business, and the mining activity is not undertaken by the taxpayer as an employee, the net earnings from self - employment (generally, gross income derived from carrying on a trade or business, less allowable deductions) resulting from those activities constitute self - employment income and are subject to the self - employment tax.

A-9: If a taxpayer's «mining» of virtual currency constitutes a trade or business, and the «mining» activity is not undertaken by the taxpayer as an employee, the net earnings from self - employment (generally, gross income derived from carrying on a trade or business less allowable deductions) resulting from those activities constitute self - employment income and are subject to the self - employment tax.

I know from research in past threads that my FL income will end up being taxed here in CA as part of my income, but I'm not sure if I should look for a CA tax preparer who is familiar with CA tax laws since he will be the best authority on claiming all the allowable deductions.