Sentences with phrase «us federal tax purposes»

But taxpayers would, the argument goes, be allowed to fully deduct the amount on their federal tax returns because the new law still allows most charitable giving to be deducted for federal tax purposes.

A statutory nonemployee, which includes direct sellers and licensed real estate agents, is treated as self - employed for all federal tax purposes, including income and employment taxes.

It's different for Federal tax purposes where we're able to carryback most of our Federal NOLs.

Notice 2014 - 21 answered 16 questions, but also provided an avenue for answering even more, by stating that virtual currency is to be treated as property for federal tax purposes.

The IRS also says in Notice 2014 - 21, «For federal tax purposes, virtual currency is treated as property.

For example, the Internal Revenue Service regards bitcoin as property for federal tax purposes.

There is a large body of established tax principles and law for property that apply to cryptocurrency and how the gains, losses, income and transactions are treated for federal tax purposes.

Individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that aren't recognized as a valid marriage under relevant state law won't be treated as married or as spouses as defined in this policy for federal tax purposes.

However, individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that are not recognized as marriage under the relevant state law, will not be treated as married or as spouses as defined in this policy for federal tax purposes.

Since contributions would be both deductible and trigger the credit, the effective credit would be between 91 percent and 94 percent.31 This proposal provides relief from the SALT cap because the contribution can be deducted from income for federal tax purposes, just as the State and local tax was prior to TCJA.

The bill itself lays out a series of employees who would not be covered by the guidelines, such as those workers who sell subscriptions and are treated as employees for federal tax purposes.

«I believe that it is important that the Treasury and the IRS issue guidance or a formal opinion letter whether taxpayer contributions to state authorized trust funds, partially reimbursed by credits reducing state and local income taxes, will be considered deductible for federal tax purposes,» Faso wrote in the letter.

Consistent with IRS guidelines, only the excess of the contribution over the fair market value of any items received in exchange for a contribution is deductible for federal tax purposes.

Unemployment is taxable income for federal tax purposes, while Social Security is only taxable if your income from certain sources exceeds a specified threshold.

Please remember the tuition and fees deduction can only be taken on the Iowa return if the same deduction was taken for federal tax purposes.

If you're non-resident - your income (for Federal tax purposes) is separate.

If a husband and wife are the only members of a joint venture (a fancy name for a business owned by two or more people), then they may agree together to elect for their business NOT to be treated as a partnership for federal tax purposes.

The following rules apply to same - sex individuals who are considered married for federal tax purposes:

Contributions, investment earnings, and distributions are tax free for federal tax purposes if used to pay for qualified medical expenses, and may or may not be subject to state taxation.

After the ruling, any same - sex couple that was married in a state that recognized same - sex marriage would then be treated as married for federal tax purposes.

For federal tax purposes, the multiple income streams from a land contract are all treated differently.

For federal tax purposes, «marriage» is defined as a legal union between a man and a woman as husband and wife, and «spouse» is defined as a person of the opposite sex who is a husband or wife.

The amount of the discharged debt will be considered income for federal tax purposes and possibly for state tax purposes.

Otherwise, 10 % is withheld for federal tax purposes.

Note that the top of the form states in bold italics that «An IRS individual taxpayer identification number (ITIN) is for federal tax purposes only.»

In a community property states only, a husband and wife who are the sole members of a two member LLC may be considered a single member disregarded LLC for Federal tax purposes — check with your tax or legal advisors to discuss this more thoroughly.

For federal tax purposes, the information provided to each investor on his or her K - 1 is then included on the investor's federal tax return.

Whatever exemptions an employee claims for federal tax purposes should also be used for Oregon state 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.

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

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

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

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.

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.

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

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

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.

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

Notice 2014 - 21 provides that virtual currency is treated as property for U.S. federal tax purposes.

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

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

The notice provides that virtual currency is treated as property for U.S. federal tax purposes.

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

According to the IRS, «Virtual currency is treated as property for U.S. federal tax purposes,» the notice said.

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.

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.

This change also is effective retroactively for federal tax purposes.

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