Adjusted Gross Income and Gross Income

Question: How does “adjusted gross income” differ from “gross income”? Answer: For income tax purposes, there are three levels of income: gross income, adjusted gross income, and taxable income. Adjusted Gross Income.  Firstly, to arrive at adjusted gross income (AGI), you are allowed a long list of deductions from gross income. For example, business expenses, certain […]

What’s the status of your stimulus check?

Curious about the status of your stimulus check? The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments. The enhancements, which started last week and continued through the weekend, adjusted several items related to the online […]