Sentences with phrase «federal tax law allows»

Federal tax law allows you to deduct mortgage interest on up to $ 100,000 in home equity debt ($ 50,000 apiece for married persons filing separately).

The federal tax law allows you to deduct several different personal expenses from your taxable income each year.

Higher education is an expensive undertaking, but federal tax law allows a bit of relief by allowing you to deduct some education costs on your tax return.

For tax years prior to 2018, federal tax law allows you to claim a child tax credit of up to $ 1,000 for each qualifying child you claim as a dependent on your tax return.

Through 2017 (and in certain cases 2018), exceptions to federal tax laws allow some homeowners to escape additional tax liability when going through foreclosure.

Not exact matches

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.

The Congressional Budget Act of 1974 defines tax expenditures as «revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.»

$ 8,500 came from my tax return (even though my W4 claims the maximum exemptions allowed by Federal and State laws, I still get a big return)

--- Creating a «family partnership» under federal tax laws, which allows you to divide business income among family members.

The state Department of Taxation and Finance is working on an unincorporated business tax that might allow partners at law firms and investment banks and similar high - paying places to get around the federal limitation on deducting state and local taxes.

Another proposal would allow operators of certain businesses, such as a law firm or other professional operation, to pass through their personal income taxes — as a cost of operations — to the federal business taxes they pay.

ALBANY — The Cuomo administration on Wednesday detailed several proposals that could allow some higher - income, middle - class New Yorkers to avoid paying more federal taxes under the new tax cut law passed in Washington last month.

Legislators and business leaders said they will require days to analyze the proposals and many question whether the Internal Revenue Service, Congress or the White House would allow the effort to avoid the provision of the new federal tax law.

Governor Cuomo, responding to the end to state and local tax deductions in the federal tax law, has issued an emergency order to allow New Yorkers who owe more than $ 10,000 in property taxes each year to pay them early to get around the new law.

The Empire Center broke the news this week that the state Department of Taxation and Finance is working on an unincorporated business tax that might allow partners at law firms and investment banks and similar high - paying places to get around the federal limitation on deducting state and local taxes.

The governors said they believe the law unfairly and perhaps deliberately punishes high - tax states, whose residents will have to pay more in total taxes if they are no longer allowed to fully deduct their state and local taxes from the federal tax forms.

GE had net operating losses at the height of the financial crisis that federal law allows them — and every other corporate taxpayer — to carry over to subsequent tax years so as not to unfairly burden it with the calendar set by bureaucracy.

The federal appeals court in St. Louis — directly contradicting a two - year - old decision by its counterpart in Boston — has upheld a Minnesota law allowing parents of private - school students to take state income - tax deductions for tuition and other expenses.

The charitable deduction falls into a category of revenue losses, so - called tax expenditures, attributable «to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.»

The charter school management company status would allow Perry to utilize federal tax credit laws to duck certain federal tax requirements.

Current federal law allows each citizen to transfer a certain amount of assets free of federal estate and gift taxes, named the «applicable exclusion amount.»

Since the 2006 announcement, the federal government has passed a new law that allows income trusts to convert into corporations with minimum tax implications.

The marital deduction law allows married couples to transfer an unlimited amount to their spouse without an estate tax hit; however, upon the death of a spouse, the surviving spouse does not get this privilege (unless they remarry) and if his / her estate exceeds the federal and state estate tax exemption then it will be taxed upon their death.

Texas does allow wage garnishment for some debts, specifically, those for child support payments, certain IRS tax debts (which are garnished under federal wage garnishment laws), and student loan debts.

In 2011, federal law changed to allow each person to pass $ 5,000,000 (indexed to inflation) to their heirs» estate tax free.

Residents are taxed on the same income they report for federal income tax purposes, subject only to the specific modifications allowed under state law.

FOI laws were created to allow individuals to access public data held by the Federal Government, and since the IRS is part of that Government, you can use Freedom of Information Requests to see how they calculated your back taxes owed, how they've determined what penalties, fees, fines, and interest should apply to your debt, and look for problems that would allow you to reduce or even wipe out the money that they're demanding.

You may be allowed a deduction of payments for (i) a prepaid funeral insurance policy that covers you or (ii) medical or dental insurance premiums for any person for whom you may claim a deduction for such premiums under federal income tax laws.

The tax law provision that generally allows any amount of property to go from one spouse to the other — via lifetime gifts or bequests — free of federal gift or estate taxes.

We greatly appreciate your generous donation, which is tax - deductible to the extent allowed by federal law.

Like many states, Rhode Island uses federal taxable income, as determined under the current IRC (but without special deductions allowed under federal law), as the starting point for determining taxable income for purposes of the business corporation tax.

In addition, federal law allows parents to collect past due child support by intercepting the obligor parent's income tax refund.

Deduction allowed by federal estate tax law for all property which passes to a surviving spouse, irrespective of the amount, free of tax.

One owner of a 40 - person company set up the corporate stock so that he and his wife could gift the shares to their children, including the successor son, as much as the federal income tax law would allow.

Federal inheritance tax law allows five million dollars (or five million from each spouse via a trust) to freely pass on to heirs.

This was the federal law that allowed Florida home owners as well as home owners across the country to legally exclude from their income taxes any amount that was forgiven by the bank (on principal residences) after a mortgage loan modification, short sale, or from a foreclosure.

This would mirror the federal law, the Mortgage Debt Relief Act of 2007, to allow taxpayers to apply for this exclusion on their state tax return.

Research federal laws regulating partnership transfers and gifts given to family members to determine the amount allowed under federal law before the gift recipient incurs liability for income or gift taxes.