Knowing your taxable income (the amount of your income subject to federal tax that you must report on your federal tax return) is important for several reasons. The IRS requires that you report ...

That, in turn, is based on your taxable income and filing status. But there are several ways you can lower your taxable income without taking a pay cut — from putting more into retirement to ...

which lowers your taxable income for the current year. Moreover, the money you invest in these accounts can grow tax-deferred until you decide to withdraw it, allowing your savings to grow over time.

With the tax season upon us, now is the time to take stock of all taxable income. While that may seem like a simple and straightforward task, it's not always so clear-cut, even if you're a ...