Sentences with phrase «from federal income»

Its called the «stepped up basis» and it means strictly from a Federal income tax perspective it is much better to inherit the land rather than be gifted it.

The federal government has permitted home owners to deduct PMI premiums from their federal income taxes since 2006.

What you might not know is that these taxes are entirely deductible from your federal income tax, which is more great tax news for homeowners.

That has saved them hundreds in monthly insurance premiums while allowing them to build up a savings account that's exempt from federal income taxes.

A transaction has economic substance if: (1) the transaction changes in a meaningful way (apart from Federal income tax effects) the taxpayer's economic position; and (2) the taxpayer has a substantial purpose (apart from Federal income tax effects) for entering into such transaction.

The LPCA Foundation is from exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code, and contributions are deductible as charitable contributions under the law.

PPAFNJ is registered in New Jersey as a nonprofit corporation and is exempt from federal income tax under Section 501 (c)(4) of the Internal Revenue Code.

By law, registering as a 501c3 organization means we're required to comply with federal and state regulations and are exempt from federal income taxes.

When the employee dies, the corporation receives the death proceeds free from federal income tax (except for some potential alternative minimum tax liability).

The proceeds are paid out free from federal income tax, and the beneficiary can use the money as they see fit, for any purpose they wish.

Term life insurance benefits are usually paid to your beneficiary free from federal income tax.

If you pass away during the term of your policy, your beneficiary receives a death benefit pay out from your life insurance free from federal income taxes.

The life insurance proceeds are usually paid out to the beneficiary free from any federal income taxes.

The proceeds from your policy are paid to the beneficiary free from federal income tax.

The death benefit from a life insurance policy is usually paid out to the beneficiary free from any federal income tax.

Life Insurance provides many benefits including a lump some of money to your beneficiaries free from federal income tax which they can use for any reason, including paying off the mortgage, college tuition, retirement, living expenses, final expenses for you, among many others.

Proceeds from a life insurance policy to a beneficiary are usually paid free from federal income tax.

Life insurance proceeds are usually paid free from federal income tax, and can be used for any reason.

The above example means you have life insurance coverage for a period of 10 years, each year you pay $ 300 and if you pass away during the 10 year term, your beneficiary receives the $ 20,000 death benefit free from federal income taxes.

If you pass away during the 10 year term before your policy ends, your beneficiary will receive the death benefit proceeds of $ 250,000 free from federal income tax.

Unlike health insurance premiums, which policyholders may deduct from their federal income taxes, life insurance premiums are classified as a personal expense by the IRS.

The proceeds form a term life policy are paid out to your beneficiary free from federal income tax.

The death benefit is paid (usually free from federal income tax) to the beneficiary, which is chosen by the owner of the life insurance policy.

If you pass away during the «term» of your insurance, the death benefit is paid to your beneficiary, free from federal income tax.

The money is paid out free from federal income tax.

Usually, the proceeds are paid out free from federal income tax.

Beneficiaries usually receive the proceeds from a life insurance plan free from federal income tax and can use the money as they see fit.

As life insurance proceeds are usually free from Federal Income Taxes you may buy a policy to pay Federal Estate Taxes.

The law changes the amount of state and local taxes you can deduct from your federal income tax payment, said Kathy Pickering, executive director of the Tax Institute at H&R Block.

In most instances, the death benefit will be free from federal income taxes.

Usually, death benefits from a life insurance policy are paid directly to the beneficiary, free from any federal income tax.

Another advantage of permanent life insurance is that the money your beneficiaries receive is usually free from federal income tax.

The proceeds from life insurance are usually paid out to the beneficiary free from federal income tax.

The proceeds from a life insurance policy are usually paid to the beneficiary free from federal income taxes.

If you pass away during the term of your policy while coverage is «In Force», your beneficiary (you choose) will receive the death benefit proceeds from the life insurance policy, free from federal income tax.

1995: Legislation passes that exempts viatical settlements and accelerated death benefits from federal income tax.

According to the Internal Revenue Service, death benefits are generally excluded from federal income tax when paid to terminally ill policyholders.

All withdrawals from 529 plans for qualified education expenses will remain free from federal income tax.

It means, if you have itemized deductions and have medical costs in excess of 7.5 % of your adjusted gross income, you can deduct the total premium value from your federal income taxes.

The information was discovered after the racetrack owner deducted the stock value from her federal income tax returns, based on her belief that the payoff was a necessary expense to do business in Illinois.

To acquire status as a 501 (c)(3) corporation with exemption from federal income taxes, file Form 1023, Application for Recognition of Exemption with the IRS.

Virginia passed legislation in 2003 exempting nonstock corporations from sale and use taxes if they're exempt from federal income taxes with the IRS as 501 (c)(3) or (4) corporations.

To obtain status as a 501 (c)(3) corporation with exemption from federal income taxes, non-profits must file Form 1023, Application for Recognition of Exemption with the IRS.

To obtain status as a 501 (c)(3) corporation with exemption from federal income taxes, file Form 1023, Application for Recognition of Exemption, with the IRS.

The tax structure for an S Corp can be complicated, but these corporations are generally exempt from federal income taxes, so your business can elect to retain its profits as operating capital.

(FYI, this subsidy will permit wind farm owners to shelter over $ 500 million in 2002 income from federal income taxes.)

According to CollegeSavings.org, «Savings in a 529 plan grow free from federal income tax, and withdrawals remain tax - free when used for qualified higher education expenses.

This «tax - exempt» status means that an organization is exempt from federal income tax if it supports charitable, religious, educational, scientific, literary and a number of other causes.

Cash you donate to the Humane Society of Greater Miami can be exempt from federal income tax.

We are exempt from federal income tax under section 501 (a) of the Internal Revenue Code as an organization described in section 501 (c)(3).