adjusted gross income

adjusted gross income definition - business

adjusted gross income

The amount of taxable income that remains after certain allowed business-related deductions—such as alimony payments, contributions to a Keogh retirement plan, and in some cases, contributions to an IRA—are subtracted from an individual's gross income. Adjusted gross income and gross income will be the same for many taxpayers.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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