Sentences with phrase «current taxable year»

For example, if an individual purchased a policy on July 1 and made payments on a monthly basis, he would claim a credit in the current taxable year for 6 months of premiums and a credit in the second year for the next six months of premiums in order to reach the allowed total of 12 months.

If a pass - through entity incurs a net loss for the current taxable year, that entity does not have to withhold from any nonresident member unless that member receives guaranteed payments exceeding the member's allocated share of the net loss.

Because we do not expect to earn revenue from our business operations during the current taxable year, and because our sole source of income currently is interest on bank accounts held by us, we believe we will likely be classified as a «passive foreign investment company,» or PFIC, for the current taxable year.

Not exact matches

Under this accounting method, therefore, it is possible to defer taxable income by delaying billing so that payment is not received in the current year.

Just note that as of current tax law, you can only deduct $ 3,000 in annual capital gains per year, e.g. your $ 10,000 in taxable capital gains can be reduced to $ 7,000 in taxable capital gains.

A Self - Employed 401 (k) may substantially reduce your current income taxes because generally, you can deduct the entire amount of your plan contributions from your taxable income each year.

If expanded professional ownership for CPA firms is enacted, New York could benefit from the creation of nearly 150 new accounting firm partners across the state in the coming year alone (based on the current number of CPA firms and anticipated expansion under the Act), which could generate up to $ 66 million in new business activity and $ 6.5 million in state - taxable income.

As things stand, you don't expect any taxable income in the current year.

PFRDA in its circular has clearly mentioned that as per the provisions in the Income Tax Act, the amount transferred from Recognised PF / superannuation fund to NPS will not be treated as Income of the current financial year and is hence not taxable.

An account beneficiary may defer to later taxable years distributions from HSAs to pay or reimburse qualified medical expenses incurred in the current year as long as the expenses were incurred after the HSA was established.

Under current law, the amount of debt discharged is treated as taxable income, so you will have to pay income taxes 25 years from now on the amount discharged that year.

These allow you to pay premiums before taxes are taken out, reducing your current year's taxable income.

The current APY (Annual Percentage Yield) for the standard 6 - year CD currently is 2.50 % in a taxable account (individual, joint, trust, etc.) and 2.60 % in an IRA account.

Instead, they will be added to taxable income of the beneficiary for current tax year.

Add up all the differences to see how much larger or smaller your taxable income will be for the current year.

That amount then counts as part of your taxable income for the current year.

The sale of assets used in a trade or business (Section 1231 Assets) at a loss generally creates an ordinary loss that the corporation can apply to offset current year taxable income, if any, thereby reducing current year tax liability.

Withdrawals from a spousal plan are taxable in the hands of the contributing spouse or partner, to the extent that the contributions were made by the spousal contributor in the current year, and in the two (2) calendar years preceding the year of withdrawal.

Outbound rollovers by Idaho taxpayers must be included in Idaho taxable income to the extent of amounts deducted on the Idaho return for the current year and for the prior year, effective January 1, 2008.

Your spouse would be taxable on any withdrawals from a spousal RRSP provided you have not contributed to any spousal RRSP in the current or preceding two calendar years.

Contributing to a traditional IRA or an employer - sponsored retirement plan may offer a current - year tax benefit by reducing taxable income.

Their contributions reduce their taxable incomes, saving them money on their tax bills in the current year.

The Employer Participation in Student Loan Assistance Act would expand Section 127 to include student loan repayment, and the Upward Mobility Enhancement Act would expand the benefit amount excludable from taxable income under Section 127 to $ 11,500 per calendar year, up from the current $ 5,250.

A 10 year term policy with a conversion to permanent insurance may be a good solution for high net worth individuals whose estate value is approaching the current taxable threshold, but now quite there.

The yearly maximum deductible amount for each individual depends on the insured's attained age at the close of the taxable year (see Table 1 for current limits).

The surrender value payable by the insurer will be considered as an income in the year of receipt and it is taxable as per your current income tax bracket rate.

If you deducted life insurance premiums in your business from your tax return and now receive life insurance dividends you should reduce your current tax years life insurance premium tax deduction on your tax return by the amount of the life insurance dividends, or claim them as taxable income on your tax return.

The gain may be taxable in the current year while any losses the taxpayer suffered would be considered under separate code sections.