Sentences with phrase «in a tax liability»

1 Such loans increase the chance a policy will lapse, reduce the ultimate death benefit, and could result in a tax liability if the insured dies before the loan is repaid.

It's not as good as a dollar for dollar reduction in your tax liability, but it can reduce how much you owe over all.

The downside is that a withdrawal or a loan can reduce your death benefit, or result in a tax liability if you don't follow guidelines on repayment.

This may result in a tax liability for you without having received the growth potential of those shares over time past.

«It would result in a shift in tax liability,» he said.

In some cases it makes sense to take into account changes in the law other than inflation adjustments that can make a significant difference in your tax liability.

In order to get an accurate comparable value of your various assets, you will want to adjust their value to make sure that it takes the built - in tax liability into account.

This approach may enable investors to avoid a big jump in tax liability in a single year.

Billing the company directly thereby avoiding «gross - up» costs and helping the employee and the company realize substantial savings in tax liability.

And because local governments impose their own property taxes, the town or city where you live can play a big role in your tax liability.

Their ability to deduct that interest can result in a healthy reduction in tax liability.

In a few sectors, such as apparel and autos, the estimated increase in tax liability (even after including corporate tax cuts) would represent a sizable fraction of overall profits.

Consider including a provision addressing the parties» respective obligations with regard to any prior joint tax returns in the event of a change in their tax liabilities due to actions of the tax authorities.

While the tuition and fees deduction only reduces taxable income, the Lifetime Learning Credit offers a dollar - for - dollar reduction in tax liability up to $ 2,000.

This procedure typically results in a tax liability much higher than warranted, and has the desired effect of forcing the non-filing taxpayer to file a correct return and get back into compliance.

The Adoption Tax Credit is just as it says: a «credit» means that you receive back only what you have paid in tax liability.

¹ Access to cash values through borrowing or partial surrenders will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

For instance, clients should consider benefiting from tax amnesty programmes or evaluating alternatives to use tax credits to offset any potential increase in the tax liability.

Oregon boasts over 100 exemption programs so it's worth seeing if you qualify for reduction in tax liability.

CRA assessed me for over $ 140,000 in tax liabilities due to payments from my husband when he had his own taxes owing.

Access to cash values through borrowing or partial surrenders can reduce the policy's cash value and death benefit, increase the chance that the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

C corps will see their statutory tax rate decline from 35 percent to 21 percent, and pass - through corporate entities — partnerships, sole proprietorships and S corps — where income is taxed at the individual level, will also see permanent and dramatic reductions in their tax liabilities.

Withholding is money the employer takes from your salary and forwards to the IRS on the account of your tax liability, but it is not in itself your tax liability.

Loan forgiveness for working in a particular occupation is tax - free, while other types of loan forgiveness may result in a tax liability.

However, the Internal Revenue Service treats the cancelled debt as income, which can result in tens of thousands of dollars in tax liability that generally accrues in a lump sum in the quarter in which the debt is cancelled.

Yes, though transferring UGMA / UTMA assets into a 529 plan account may result in a tax liability.

Therefore, the net reduction in your tax liability is $ 6,600 ($ 12,600 — $ 6,000).

Therefore, the net reduction in your tax liability would be the full $ 12,600 — providing the opportunity to give even more, if you choose.

Tax deadline for the U.S. is fast approaching and according to Fundstrat Global Advisors, $ 25 billion in tax liability may be looming over U.S. households due to cryptocurrency gains.

Depending on the severity of the debt, settlements can result in tax liabilities or hefty penalty fees and affect credit scores.

It also may result in a tax liability.

Any debt reduced by direct negotiation with a creditor will result in a tax liability.

But using the cash value also increases the chance the policy may lapse and subsequently could result in a tax liability.

But keep in mind that loans from a life insurance policy will reduce the policy's cash value and death benefit, could increase the chance that the policy will lapse, and might result in a tax liability if the policy terminates before the death of the insured.

As Schleede notes, «The total of $ 69.7 million in tax liability that could be avoided by the wind farm in the first year, as well as the liability avoided in subsequent years represents a tax burden that would be shifted to remaining taxpayers.»

Qualified retirement accounts — Because they are funded with pre-tax dollars, retirement accounts such as 401K and IRA accounts contain built - in tax liabilities that should be considered when assessing their net value.

** Access to cash value through borrowing or partial surrenders will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

¹ Access to cash values through borrowing or partial surrenders will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.