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Taxable income is the portion of your gross income that is subject to federal tax. Taxable income and gross income differ for several reasons. Additionally, tax deductions and credits can lower the ...
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What the IRS Says Is Taxable Income — And What Is Not“All income must be reported, even if it’s not deposited into the bank. And yes, the IRS and state [tax authorities] have ways of figuring out that there may be unreported income,” said Abby ...
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