In terms of earnings, gross income is the amount of money you made prior to taxes and other deductions being removed. When you file your taxes, the IRS asks for your gross income in the taxable year to help them figure out whether you owe them, they owe you, or you both break even. When you’re filling out your gross income on your tax return, have a tax professional double-check that the number you input is the pre-tax amount, or you could be wrongly taxed.
What Is Gross Income on Tax Return
On a tax return, there will be boxes that ask for your gross income. This pre-tax dollar amount helps the IRS calculate what you owe in federal taxes, and what you might owe for your state’s income taxes if it has them. Sometimes, you’ll be asked for an adjusted gross income. This is your income minus certain deductions and is used to calculate your taxable income. A professional like Tax Help MD can help you take advantage of any credits or deductions you qualify for, help you make adjustments to previous returns, or walk you through any other tax issues.
Choose the Experts at Tax Help MD to Help You File Your Taxes Correctly
Don’t trust just anybody to help you maneuver the tricky world of taxes. Whether you’re being haunted by the tax seasons of the past, or you’re just not sure how to go about filing your income taxes now that you have more than one source of income, the professionals at Tax Help MD are eager to assist. Whether you need to mend your tax history or want to maximize this year’s refund, we offer the services you need to make tax season the least stressful it can be.
Hire a professional like Tax Help MD who can file your taxes just the way you need them to be. Schedule your consultation appointment today.