What do you mean by net income? Your adjusted gross income (AGI on Line 11 of Form 1040) is generally higher than your taxable income (Line 15 of Form 1040). Your AGI includes everything, and then you take either the standard or itemized deductions to lower your AGI to taxable income. If you have a business with net income, you have self-employment tax, which can't be lowered or eliminated by your standard deduction.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
April 12, 20245:08 PM
