gross income

noun

1. Accounting.,  total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc.

Example Sentences

Money deposited into those accounts is subtracted from your gross income for the year, reducing your tax bill or increasing your refund.

Read more on Barron's

For example, “If a married couple has a modified adjusted gross income of $250,000 and they buy a $50,000 piece of equipment for their business, that brings their income to $200,000 after the 100% depreciation. Now they may be eligible for other tax benefits,” says Brian Schultz, a tax partner at Plante Moran.

Read more on Barron's

Because donations to a DAF can usually be deducted up to 30% of adjusted gross income, this stock gift provides a dollar-for-dollar deduction and significantly lowers their taxable income.

Read more on Barron's

First, the tax bill sets a new floor: Gifts will be deductible to the extent they exceed 0.5% of your adjusted gross income.

Read more on Barron's

The full deduction goes to taxpayers with $75,000 or less in modified adjusted gross income, or $150,000 for married couples.

Read more on MarketWatch