AGI – itho's internet resources

501(c) Organization: What They Are, Types, and Examples

By Itho May 24, 2006

[ad_1] What Is 501(c)? 501(c) is a designation under the United States Internal Revenue Code (IRC) that confers tax-exempt status on nonprofit organizations. Specifically, it identifies which nonprofit organizations are…

What Does Tax Deductible Mean, and What Are Common Deductions?

By Itho March 4, 2005

[ad_1] What Is a Tax Deductible? A tax deductible is an expense that an individual taxpayer or a business can subtract from adjusted gross income (AGI). The deductible expense reduces taxable…

What Is a Dependent?

By Itho November 26, 2003

[ad_1] What Is a Dependent? A dependent relies on someone else for financial support. Dependents can include children or other relatives. Taxpayers with a dependent can claim a dependency exemption on their…

What Is Adjusted Gross Income (AGI)?

By Itho November 19, 2003

[ad_1] What Is Adjusted Gross Income (AGI)? Adjusted gross income (AGI) is the figure that the Internal Revenue Service (IRS) uses to determine your income tax liability for the year.…

Capital Gain: Definition, Rules, Taxes, and Asset Types

By Itho November 19, 2003

[ad_1] What Is a Capital Gain? A capital gain refers to the increase in the value of a capital asset that is realized when it's sold. A capital gain…

Definition and How to Qualify

By Itho November 17, 2003

[ad_1] What Is the Earned Income Tax Credit (EITC)? The earned income tax credit (EITC) is a tax break available to low- and moderate-income wage earners. It is a refundable…