Adjusted gross income (AGI) is used as a threshold for phaseout provisions that can cut back or eliminate certain tax breaks. Here are AGI-reduction strategies – five short-term and five long-term – that are worth considering. In addition to lowering your federal income tax bill, these ideas might reduce state income taxes, self-employment taxes and exposure to 3.8% net investment income tax
Reducing your current-year adjusted gross income (AGI) is usually a tax-smart idea. Here are ten ways to reduce your AGI (and modified AGI) over the short and long run. Read more