While taxable income and adjusted gross income (AGI) might sound similar, they refer to different stages of your income after certain deductions and adjustments have been applied. AGI starts with your ...

Tax exemptions exclude specific income sources from taxable income. Tax deductions reduce taxable income based on eligible investments or expenses. Tax rebates lower the final tax payable after tax is ...

Alternative minimum taxable income (AMTI) is taxable income, with adjustments made in the way certain items are treated for AMT purposes, increased by tax preference items. 1 The following chart is a ...