Tag: taxes

What is the Difference Between Earned Income and Adjusted Gross Income?

Written by Paul Belfiore on March 20, 2020. Posted in Blog, Taxes.

Brookline, NH Resident Has Questions

Earned income refers to all of the ways that you get paid throughout the year. This includes your paycheck, commissions, bonuses and income less expenses for self-employed individuals. It also includes money earned from investments, interest, dividends, alimony and Social Security. Adjusted gross income refers to this money less any standard deductions that are available to you. These deductions, referred to as ‘above the line deductions’, are those that are standard to everyone regardless of whether they are itemizing.

Are Your Tax Withholdings Accurate?

Written by Paul Belfiore on May 10, 2019. Posted in Blog, Taxes.

Brookline Resident Finds Out the Hard Way

The amount of taxes withheld from your paycheck is a science, withhold too little and you get hit with a big tax bill. Too much and you miss out on extra cash throughout the year. For employees, the W-4 is what largely determines how much tax is held. Factors that may make you want to revisit your tax withholding include a change in marriage status, dependents, home ownership, or a change in your spouse’s employment.