Sentences with phrase «income tax purposes because»

Finally, the contribution to a Traditional IRA might be non-deductible for income tax purposes because the Adjusted Gross Income is too high; once again, not an issue for you for 2016 but something to keep in mind for future years.

Not exact matches

• the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for US federal income tax purposes, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for US federal income tax purposes, and the Trustee receives notice from the Sponsor that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

Many who took Canada up on the offer bought expensive real estate in Vancouver, parked their families there and paid little or no income tax because they continued to work and, ostensibly, reside overseas (at least for tax purposes).

And if it be responded that Americans give money to charities because it's advantageous to do so for income tax purposes, well, let's be grateful that, in affording full deductibility to charitable giving, the tax code got something right.

Since contributions would be both deductible and trigger the credit, the effective credit would be between 91 percent and 94 percent.31 This proposal provides relief from the SALT cap because the contribution can be deducted from income for federal tax purposes, just as the State and local tax was prior to TCJA.

One is to locate intangible property for tax purposes where the person making the intangible property payment is located rather than where the person who is entitled to receive the intangible property payment is located, because the person making the payment often has less freedom to change their location and is often more closely associated with the production of the income.

The income taxes decrease the grantor's estate, and, because the taxes are on income treated as the grantor's for income tax purposes, they are not treated as gifts for Federal gift tax purposes.

Because the investment income within, and withdrawals from, a TFSA will not be taxable, interest on money borrowed to invest in a TFSA will not be deductible in computing income for tax purposes.

At age 60 with low income an HSA serves little purpose because the tax savings is so marginal and an HDHP is required.

Most people never get behind on their income taxes, mortgages or car loans because they never see the money earmarked for those purposes.

There is little recent guidance on this issue and it isn't clear that this rule should apply to accounts established under the more modern version of the custodial account law, because UTMA contains language designed to prevent parents from being taxed on custodial account income when the account is used for purposes that fall within the parent's support obligation.

And that is because of loopholes in the tax code for social engineering purposes, but even more for the ability to defer taxation of what should be income.

That's because recent changes allow couples over 65 to split their income from RRIFs, annuities and pensions for tax purposes.

From a tracking perspective, you should always monitor your returns in Canadian dollars, because you have to for income tax purposes.

For income tax purposes, you are generally considered separated when you start living separate and apart from your spouse because of a breakdown in the relationship for a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependent.

This is good news because many payments for benefits which you might not think about are considered income for tax purposes.

You would generally not want to structure a 1031 Exchange if you have an actual loss on the sale of your real property because you will want to recognize the loss for income tax purposes.