Sentences with phrase «for federal tax»

Charles Benway, a CPA and certified financial planner with Main Street Financial in Mount Kisco, N.Y., told me many owners are not aware that when they pay down their original mortgage amount over a period of years, their acquisition debt for federal tax computation purposes declines.

«Previously, same - sex married couples could file under the married status in certain states, but not for federal tax returns,» Luscombe said.

Rev - Proc 2002 - 22 notes that the courts have characterized entities operating with master leases and profit sharing as partnerships for federal tax purposes.

SAME - SEX COUPLES: The Supreme Court's decision on the Defense of Marriage Act has led to significant changes by the Internal Revenue Service, which for the first time will begin recognizing same - sex married couples for federal tax purposes.

According to federal law, for federal tax purposes, real estate agents will not be treated as employees if these three requirements are met: (1) The agent must be licensed; (2) Substantially all income must be made on the basis of sales or output, not on hours worked; and (3) There must be a written contract between the salesperson and company stipulating independent contractor status.

Second, substantially all payments for the licensed real estate agent's services must be directly related to their sales or other output rather than based on number of hours worked, and lastly, the real estate agent's services must be performed pursuant to an agreement that states the real estate agent will not be treated as an employee for federal tax purposes.

Remember, though, in order to count such a lunch as a business expense for federal tax purposes, the main purpose of the lunch must be business; you must discuss business before, during, or after the meal; and you must have a reasonable expectation of generating income or some other business benefit.

You must have a written contract spelling out that they're not employees for federal tax purposes (also mentioned above).

The exchange agreement must state that the AT will be treated as the beneficial owner of the warehoused property for federal tax purposes, including reporting interest and depreciation.

Death taxes are called estate taxes for Federal tax purposes.

If, for example, each parent has the child for 50 % of the year, neither parent will be entitled to claim the child as a dependent for federal tax purposes, not to mention related District, or state, credits and deductions.

Death or inheritance taxes are called estate taxes for Federal tax purposes.

This change also is effective retroactively for federal tax purposes.

If there is no indication in a divorce final judgment or decision pending final judgment or property settlement agreement as to who is entitled to claim the children as Dependency Exemptions then automatically the parent with physical placement / physical custody of the minor children is entitled to claim the child or children for Federal Tax purposes.

Donations to Planned Parenthood Advocates of Arizona are not deductible for federal tax purposes as a charitable contribution or business expense, and may be used for political purposes, such as supporting or opposing candidates.

A-1: For federal tax purposes, virtual currency is treated as property.

Bitcoin and other cryptocurrency is a property for federal tax purposes.

Furthermore, IRS states, «For federal tax purposes, virtual currency is treated as property.

S - corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Certain small businesses can even qualify for federal tax credits of up to 35 percent of the premiums they pay.

In some cases, it can even qualify your business for a federal tax credit.

Even if your business has fewer than 50 employees, offering a benefits package that includes health and life insurance can make your business more attractive to prospective employees — and it may even qualify your small business for a federal tax credit.

Even if your business has fewer than 50 employees, offering benefits such as life and health insurance can help you attract and retain good employees and may even qualify your business for federal tax credits of up to 35 percent of your cost for premiums.

If you meet certain income requirements you may even qualify for a federal tax credit that will partially subsidize your plan.

It can also qualify your business for federal tax incentives, so it may be worthwhile.

Shop for coverage through the insurance exchange in your state: If your income doesn't exceed 400 percent of the poverty level ($ 48,240 for a single individual in 2018), you may qualify for federal tax credits to help offset the cost of your premium.

It may also qualify your business for a federal tax credit.

Even if it is not mandatory for your small business, offering your employees benefits such as health and life insurance may be wise because it helps you attract and retain good workers — and may even qualify your business for federal tax credits.

It can also qualify your business for federal tax incentives, so it may be worth the cost.

But don't worry, because Intuit, the creators of TurboTax, want to make sure a similar system isn't in place for your federal tax return.

However, if the payor is subject to a court order, the spouse receiving spousal support or APL must treat the payments as income for federal tax purposes and the spouse paying the order may deduct the payments in arriving at adjusted gross income.

Multi-owner LLCs and LLPs are, for federal tax purposes, either an S - Corp or a C - Corp.

The Internal Revenue Service refers to S corporations as corporations that pass corporate income, losses, deductions and credit to shareholders for federal tax purposes.

If so, is it possible that such an address would cause problems when applying for federal tax exemption under 501 (c)(3)?

The main dispute arose when the Halifax Regional Municipality and the minister of Public Works and Government Services disagreed on the Citadel's value, which needs to be determined for federal tax purposes.

It is possible to request an extension for your federal tax returns from the IRS.

For federal tax law purposes, an expense is ordinary if it is customary in the industry.

You'll need time and money to apply for the federal tax exemption, and you'll need an accountant or legal professional to help you operate your nonprofit.

The production tax credit is in addition to the federal tax shelter benefits resulting from the availability for windmills of 5 - year double declining balance accelerated depreciation for federal tax purposes.

ENERGY STAR windows are now eligible for federal tax incentives.

These EVs also may qualify for a federal tax credit.

The owner of a qualified solar installation can file for federal tax credits and accelerated depreciation on the cost of the installation.

Beyond its state programs, New Jersey utility - scale and distributed solar facilities are also eligible for federal tax incentives and benefits front - loaded to the start of each project's life.

Also bear in mind that most states will automatically grant an extension for your state tax return if you apply for a federal tax extension.

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college expenses

While working, we adjusted the withholding to be close to zero for federal tax.

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college and K - 12 expenses

For example, if you are a single taxpayer who earns $ 2,500 during the year, with $ 300 withheld for federal tax, then you are entitled to a refund for the entire $ 300 since you earned less than the standard deduction plus one exemption.

Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes.

For federal tax purposes, a boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.