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Tax Central
We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.
Click on your topic of interest and find a wealth of information.
Part of our increasingly complicated Federal income tax structure is a myriad of acronyms and abbreviations. Understanding the meaning of the more frequently encountered terminology can lead to a better comprehension of the complex tax situations that a taxpayer might encounter.
This section explains some common terminology and provides an overview of their application.
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- Above-the-Line Deduction
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The “line” in this term refers to the line drawn when totaling the items that make up the taxpayer’s adjusted gross income (AGI). The term “deduction” is usually associated with itemized deductions, but an above-the-line deduction is one that can be taken...
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- Acquisition Indebtedness
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This is the debt used to acquire, build, or substantially improve a taxpayer’s principal residence or a second home, and it is debt that is secured by the principal residence or second home. The interest on up to $1 million of acquisition indebtedness...
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- Adjusted Gross Income (AGI)
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This may be the most important tax term since the tax code uses the AGI to limit a vast number of tax benefits. AGI is basically a taxpayer’s gross taxable income from all sources (gross income) reduced by certain allowable adjustments, sometimes referred...
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