Tag: AGI

2026 Medical Expense Deduction: The 7.5% AGI Floor and What You Can Actually Write Off

I get asked about this deduction every tax season, usually from someone who just had a rough year medically and wants to know if any of it comes back at tax time. The honest answer: sometimes, but the bar is higher than most people assume. The rule itself is simple.…

Figuring Your IRS Taxable Income – Adjustable Gross Income (AGI) vs. Modified Adjustable Gross Income (MAGI) – From Your W2, 1099-Misc or Paycheck

You would think that figuring your income that is subject to taxes would be easy. Unfortunately, with our overly complex federal tax system the IRS has multiple definitions of income and it’s important to understand the difference between these because not only can it affect how much you pay in…