Under Code Section 107, the housing allowance would have been exempt from income tax.
FORBES: Evangelicals And Corporation Sole - Not A Marriage Made In Heaven
Since employer-paid health insurance is exempt from income tax, there's an incentive for these plans to cover things like sunglasses and marital counseling.
The parsonage exclusion allows ministers to receive some of their compensation in the form of a housing allowance that is exempt from income tax.
For this post the annual remuneration is exempt from income tax.
Interest earned on state and local bonds that is exempt from income tax under Section 103 is excluded from the definition of net investment income for purposes of Section 1411.
FORBES: Overview Of The New 3.8% Investment Income Tax, Part 1
The interest on municipal bonds is exempt from income tax on the federal and sometimes state levels, giving them a higher after-tax yield than a corporate or Treasury with the same coupon and maturity.
FORBES: Loose Lips, Lots Of Hype Make Municipal Bonds Look Juicy
It is possible, then, that you might have to file a state (or local) income tax return even if you are exempt from federal income tax.
FORBES: A Beginner's Guide To Taxes: Do I Have To File A Tax Return?
Unlike corporate bonds or U.S. Treasuries, muni bond interest is often federal tax-free and exempt from state income tax of the state they are issued.
Hold them in your tax-exempt accounts (like IRAs) and the state tax problem--the fact that only Treasury interest is exempt from state income tax--ceases to be a problem.
Such companies have been exempt from corporate income tax since 2008, when the Zero-10 tax regime was introduced.
BBC: Guernsey budget proposes to take ?12m more from finance
Also, coupons on Treasurys are exempt from state income tax, while interest on corporate bonds and Ginnie Maes is not.
Their contributions have been made with aftertax dollars, with the promise that the ensuing benefits would be exempt from federal income tax.
FORBES: Why A Cyprus-Like Seizure Of Your Money Could Happen Here
To encourage opportunity and jobs rather than dependency and welfare, we will propose that individuals living at or near the poverty line be totally exempt from Federal income tax.
That site is completely unrelated to The Henrietta Lacks Foundation, Inc. a public charity that is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code.
FORBES: The Henrietta Lacks Genome: Consent, Trust, and Common Decency
Asked if giving generous per-child credits will result in an even larger number of households exempt from the income tax and therefore amenable to more spending, he says his plan will drive growth and that, in turn, will bring more people on to the tax rolls.
WSJ: The Weekend Interview with Rick Santorum: 'Supply-Sider' for the Working Man
Bush proposes to exempt dividends from individual income tax.
Farmers in the South and West wanted an income tax from which they could be exempt, an income tax that would push the tax burden onto the rich who lived in the East.
FORBES: Class Warfare: The Mortal Enemy Of Economic Growth And Jobs
Each patch boosted the amount of income exempt from the tax, saving millions of households from having to pay the levy.
FORBES: How the New Tax Act Affects the Alternative Minimum Tax
If we were to exempt students from the local income tax, that would cost us money, so we've obviously got to look at the balance of these proposals to ensure that we put forward a sustainable proposition and these are all issues that we're looking at within the context of the response to the consultation exercise, as people would expect.
For instance, in 2010 the Georgia legislature voted to exempt nearly all retirement income from tax starting in 2016.
The only reason the federal income tax is exempt from this requirement is because of a constitutional amendment.
FORBES: Obamacare Foes Score Points, But Kennedy's A Wild Card
The reality is that this is a plain old income tax, exempt from the apportionment requirement by the 16th Amendment.
FORBES: The Hidden Tax Lesson In Chief Justice Roberts' Obamacare Ruling
Another problem: Many states are contractually obligated (under the state constitution in some cases) to exempt interest on their municipal bonds from state income tax.
The clear-headed among us see this phenomenon as a rare opportunity to pick up some attractive tax-exempt income from well-researched munis especially if you are willing to hold the bonds until their maturities.
This is income from almost all sources (including tax-exempt bonds, for example), reduced by income taxes and by an allowance for subsistence-level living.
FORBES: Paying for College: Five Rules to Protect Your Retirement
Gross income includes all the income received that is not exempt from tax, but does include Social Security benefits.
FORBES: Your Aging Parents And Tax Season: A Getting-Started Guide
Currently, 38 states exempt interest on their own municipal bonds from state income tax, but tax revenue on bonds from other states.
Interest from tax-exempt bonds will remain free of federal taxes and the Medicare tax on unearned income.
Back in 2008, he moved to exempt revenues from suborbital passenger ticket sales from the corporate income tax.
The USAA Texas Tax-Free Income Fund looks utterly pointless, given that Texas lacks an income tax from which to be exempt.
应用推荐