Sentences with phrase «certain individual taxpayers»

Not exact matches

While less than 1 percent of individual taxpayers are audited, certain aspects of your tax return can spark scrutiny from the IRS.

Subject to certain limits, individual taxpayers who itemize deductions and corporations are allowed to deduct gifts to charitable and certain other nonprofit organizations.

Furthermore, individuals can make fully tax - deductible contributions to a 401 (k) no matter how high their income, whereas a traditional IRA closes off fully deductible contributions to taxpayers who pass certain income thresholds.

In certain circumstances, the U.S. Internal Revenue Code requires that individual income taxpayers report the refund of excess state or local income tax payments received by the taxpayer as income for federal income tax purposes.

Tax - saving implies that there are certain provisions in the Indian Income Tax Act that allows an individual to save tax by investment in some particular investment instruments (like ELSS mutual funds or Life insurance premium etc., under Section 80c) or when the taxpayer has incurred some expenses on which tax liability can be minimized to some extent (Example — HRA, LTA etc.,).

Furthermore, individuals can make fully tax - deductible contributions to a 401 (k) no matter how high their income, whereas a traditional IRA closes off fully deductible contributions to taxpayers who pass certain income thresholds.

For the 2017 tax year, a Utah individual taxpayer (or trust) who is a my529 account owner may claim a 5 percent Utah state income tax credit up to certain limits on contributions to his or her account or accounts.

The adjustments — sometimes called above - the - line deductions because you can claim them whether or not you itemize deductions — include (among other things) deductible contributions to Individual Retirement Accounts (IRAs), SIMPLE and Keogh plans, contributions to Health Savings Accounts (HSAs), job - related moving expenses, any penalty paid on early withdrawal of savings, the deduction for 50 percent of the self - employment tax paid by self - employed taxpayers, alimony payments, up to $ 2,500 of interest on higher education loans and certain qualifying college costs.

The maximum individual rate applicable to «qualified dividend income» and long - term capital gains is generally either 15 % or 20 %, depending on whether the taxpayer's income exceeds certain threshold amounts.

Under the New Law that is now in effect, individuals and other non-corporate taxpayers that receive certain business income from a partnership, may be able to deduct up to 20 percent of their income from such partnership (subject to income and other limitations).