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Taxable Income

   Also found in: Financial, Acronyms, Wikipedia 0.01 sec.

Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer.

Cross-references

Income Tax.



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The taxpayer can then subtract 25 percent of the amount by which taxable income was increased in each of the 4 subsequent tax years.
512(b)(13), which can lead to unrelated business taxable income (UBTI) for tax-exempt members of a group.
At the end of the year, many people are searching for ways to reduce their taxable income.
 
 
 
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