Sentences with phrase «likely pay taxes on»

You'll likely pay taxes on the money you withdraw from your employer - sponsored account in the future.

Additionally, you'd want to consult a tax professional because you would likely pay taxes on the forgiven amount as revenue.

As a renter you are more than likely paying the taxes on behalf of the landlord, but not reaping the benefits, since portions of the property taxes paid can be deducted at tax time (speak to your tax preparer or CPA for details).

If you hold a stock in a non-registered account, you'll likely pay tax on dividends — even if they are reinvested in additional shares — and you'll also pay capital gains tax when you ultimately sell the shares (assuming they rose in price).

Not exact matches

Let that money sit for a while, and you'll most likely pay no more than 15 % in taxes on its growth, as the long - term capital gains tax for most people is far lower than taxes on regular income.

Exactly how much taxpayers would save — or how much more they would pay — depends on many factors, and as Business Insider's Josh Barro pointed out, tax cuts for middle - class Americans aren't likely to be as sweeping as Republicans make it sound.

Instead, they will most likely put their assets in index funds or in a diversified blind trust, and then pay the tax bill on those assets when they sell them.

That difference results largely from three factors: compared with lower - income homeowners, those with higher incomes face higher marginal tax rates, typically pay more mortgage interest and property tax, and are more likely to itemize deductions on their tax returns.

In addition, you will likely have to pay income taxes on the loan.

If the money to fund your Roth IRA is coming from the 401k, then it is usually a taxable event — meaning you very likely will have to pay taxes on it and any early withdrawal fee which is 10 % from the last time I can remember.

If you're paying off student loans, you're likely eligible for the student loan interest deduction on your federal taxes.

If you reinvest them and then turn around and withdraw them in a few months, you'll likely have to pay taxes on them again.

In the case of an oil spill cleanup, the costs are likely to be directly incurred by an insurance company, but the premiums paid for that insurance come at the expense of the value of the oil transportation service — the higher the expected clean - up costs from oil spills, the higher insurance premiums will be, and this will mean higher pipeline tolls, which in turn implies lower profits, taxes, and royalties on the products shipped.

Turning these assets into cash will likely have some fee and / or tax implications, like the capital gains you would pay on selling stocks, but is a means to start your business flush with cash (and not debt).

That said, you will likely still have to pay income tax on that withdrawal.

Paying a single premium will likely cause the policy to become a Modified Endowment Contract (MEC), resulting in less favorable income tax treatment and the potential for tax penalties on loans and withdrawals.

«Many people who made lots of money on cryptocurrencies in 2017 likely don't have the cash on hand to cover their capital gains taxes, so they may need to sell additional cryptocurrency holdings in order to raise the cash to pay the IRS.

More important, however, is the potential impact on future profits, which would likely be lower if the company has to pay higher taxes on an ongoing basis.

This will not only lower demand in the economy, but will also likely result in higher taxes to pay for higher spending on the income - tested Guaranteed Income Supplement to Old Age Security, which is already paid to more than one in three seniors.

Another thing to keep in mind is that you will likely pay lower taxes if you invest on your own.

Tapping a 401 (k) or traditional IRA before age 59 1/2 means you'll likely pay a 10 - percent penalty, on top of ordinary income tax.

The European Union's competition authorities announced a major tax ruling against Apple's tax dealings with the Irish government on Tuesday, a decision that will likely increase trans - Atlantic tension over how some of the world's largest companies pay taxes on their global operations.

If you use the money for something that does not qualify, or you simply withdraw the money for no specific reason, you will likely have to include it as income on your tax return and pay income tax on it.

In fact, there is a recent year where he most likely paid «zero» taxes due to «losses» on the balance sheet.

Study into carbon tax on high - emissions food finds people would be more likely to eat less meat if they had to pay more for it

So instead the law would likely say that they expect a tax to be payed by these large company whenever they process a transaction for a US citizen (actual law would be a bit more complicated since someone living in Germany who buying a service from another German citizen who just happens to also be a US Citizen shouldn't be taxed, but the general idea of calling out which transactions the US claims tax on still applies...)

In practice, the actual expenses are likely to give a more preferable result so the business pays tax on its actual profits in full with no benefit from the rent - a-room limit.

Accordingly, there are no costings on how a lifting of the cap and the freeze would be paid for - meaning that further tax rises would likely need to be found.

Ousted White House communication director Anthony Scaramucci doesn't think he'll land another West Wing gig, which means he's likely going to have to pay up to $ 16 million in taxes on the proceeds he made from selling his hedge fund.

(It seems likely that the main rise in public spending and reduction of tax revenue over the 2008 - present period has been due to economic contraction rather than policy change - unemployed people claim benefits, don't pay tax on wages and pay much less VAT on purchases.

Assembly Speaker Sheldon Silver sat down for a CapTon interview this afternoon and revealed the one - house budget his conference will unveil next week will likely include a millionaire's tax that significantly raises the threshold on who pays.

«They're more likely to be working age, they're more likely to be paying taxes and less likely to have relatively large sums of money spent on them for education, for long - term care, for healthcare, for pension expenditure.»

«Because [immigrants] are more likely to be working age, they're more likely to be paying taxes and less likely to have relatively large sums of money spent on them for education, for long - term care, for healthcare, for pension expenditure,» OBR chairman Robert Chote told MPs.

In a range of proposals designed to show the coalition has not run out of ideas, Cameron and Clegg will set out plans for a flat - rate childcare voucher paid through the tax system, likely to be worth up to # 2,000 per child; a cap on the cost of social care; new help with mortgages; and transport investment through road tolls.

This year, there will likely be no bold ask like in 2014, when de Blasio pitched a tax increase on the rich to pay for free universal prekindergarten, and there isn't a ticking clock like a year ago, when rent regulations that would have affected 2 million New Yorkers were on the verge of expiring.

In cases where he diverted his own income to his foundation, tax experts said, Trump would still likely be required to pay taxes on the income.

Keep in mind the marginal tax rate that year was «35 % on the income over $ 336,550,» which means Polis made out like a bandit, most likely because he was largely paying capital gains tax rates instead of the rates on ordinary income (caveat lector: I'm not an accountant.

You will likely discover there's a large amount of income each year on which you pay no income taxes, though you may pay Social Security and Medicare payroll taxes on this money.

So putting money into a Roth IRA is likely still better tax-wise than putting it in a non-retirement account, even if it's possible that you will eventually have to pay some taxes on it.

Canadian tax you pay on your Canadian tax return may likely be eligible to claim on your foreign tax return as a foreign tax credit, meaning you would have a reduction in your foreign tax to account for Canadian tax already paid.

Tax treaties likely make sure that you get credit on each side for the money paid in the other.

If you applied for student loan forgiveness because you couldn't pay off your loan, it's likely you won't be able to pay the taxes on the debt that was forgiven.

They will likely also have higher capital gains taxes to pay on the portfolio in the years ahead.

Even then, don't sign up for an insurance policy until you have crunched the numbers and figured out that its benefits are likely to offer you a better after - tax return on the premiums you pay than you would earn for CD rates or long - term investments.

If so, you likely will be required to pay income taxes on that amount because the Internal Revenue Service can consider forgiven debt as income.

Unless your investment income consists largely of long - term capital gain, you're likely to be incurring a marginal rate of tax on your IRA income that's close to, or above, the maximum rate of 35 % you would pay on a Roth conversion this year if you elect out of delayed income reporting for the conversion.

His refund will depend on how much tax was withheld from his pay during the year, and the credits he qualifies for (likely the earned income credit and the additional child tax credit).

Many clients, for example, are likely to get fewer deductions because they pay significantly more than the $ 10,000 cap placed on deductions from state and local taxes paid, the publication writes.

Generally this means that favorable rates apply: you are likely to pay less tax on this type of dividend than on an ordinary dividend.

You will most likely qualify to get the $ 15,000 back in the form of a credit, but you'll also have to pay federal and state taxes on $ 15,000 because it is effectively considered «income» per the IRS forms.