Thursday, May 1, 2008

Tax Term of the Week

AGI-"Adjusted Gross Income", AGI, is all the income you receive over the course of the year such as wages, interest, dividends and capital gains minus your deductions, things such as contributions to a qualified IRA, some business and medical expenses, moving costs and alimony payments. The adjusted gross income is the first step in calculating your final federal income tax bill.

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