Tag: Massachusetts
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Adjusted Gross Income
About Adjusted Gross Income: Adjusted Gross Income (AGI) is the Gross income (including all taxable sources) reduced by a percentage of income (because of certain adjustments), for example charitable contributions, deductible IRA contribution, student loan interest and miscellaneous itemized […]
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Administrative Procedures
About Administrative Procedures: Tax or Administrative Procedures (APs), in some U.S. states, are intended to assist taxpayers in dealing with the tax affairs of their state (for example, in Massachusetts) tax system as administered by the state
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Allowable excess trade
About Allowable excess trade: The Allowable excess trade (also called business deductions) is the is the excess of allowable deductions over income that may be deducted against other types of gross income that are effectively connected with the active conduct of a trade of business. For example, in …
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After-tax Contribution
About After-tax Contribution: An After-tax Contribution is any contribution made to a designated pension plan, retirement account or any other account after taxes have been deducted from a taxpayer's taxable income. (Definition of After-tax Contribution provided <a href="http://Massachusetts.lawi.us…