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Adjusted Gross Income
(redirected from Adjustments to income)

    Also found in: Financial, Wikipedia 0.01 sec.

The term used for Income Tax purposes to describe gross income less certain allowable deductions such as trade and business deductions, moving expenses, Alimony paid, and penalties for premature withdrawals from term savings accounts, in order to determine a person's taxable income.

The rules for computing adjusted gross income for federal income tax may differ from the rules in a state that imposes a state income tax.
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The practical effect of this is that any adjustments to income that arises as a result of the IRS audit will have to be taken immediately by the taxpayer rather than being spread over Rev.
Requests for changes in accounting methods made easier by Sherman, W. Richard / The Tax Adviser
These non-cash adjustments to income tax expense are expected to reduce net earnings by approximately $300,000 for each of the fiscal years ended June 30, 2002, 2003, and 2004, as well as reduce the net earnings for the fiscal year ended June 30, 2005, previously reported by the company in its earnings release on August 17, 2005, by approximately $300,000.
Urologix to Restate Earnings to Recognize Non-Cash Tax Expense by Business Wire
Record any ultimate realization of proceeds or liability incurred under the outstanding hedges as additional adjustments to income at the time such proceeds or liabilities are determinable.
Callon Petroleum Company Announces Revised Accounting Treatment for ... by Business Wire
 
 
 
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