Sentences with phrase «other income for tax purposes»

Not exact matches

EBITDA does not give effect to the cash that we must use to service our debt or pay our income taxes, and thus does reflect the funds actually available for capital expenditures, dividends or various other purposes.

Distributions made for any other purpose are subject to income tax and a 10 percent penalty.

As discussed above, notwithstanding receipt by HP Co. of a private letter ruling from the IRS and / or opinions of counsel and other external tax advisors, the IRS could assert that the distribution does not qualify for tax - free treatment for U.S. federal income tax purposes.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

«If you use the money for purposes other than education, you are taxed regular income taxes on any gains plus a 10 % penalty,» notes Benedict.

A Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for US federal income tax purposes) is generally considered a «Non-US Shareholder» for purposes of this discussion.

For those paid on contract or as consultants, it is probably worth finding an accountant or other financial adviser to help you determine how best to declare you income for tax purposFor those paid on contract or as consultants, it is probably worth finding an accountant or other financial adviser to help you determine how best to declare you income for tax purposfor tax purposes.

Upon written request, copies of sales drafts and other documentary evidence of transactions made with your Card are available for income tax and other purposes at a reasonable cost.

These accounts shelter returns from after - tax income, assisting Canadians in supplementing RRSP savings for retirement and other purposes.

For tax - exempt municipal OID bonds, this income is not subject to the ordinary income tax, although it is required to be reported for informational purposes in the same manner as other tax - exempt bond intereFor tax - exempt municipal OID bonds, this income is not subject to the ordinary income tax, although it is required to be reported for informational purposes in the same manner as other tax - exempt bond interefor informational purposes in the same manner as other tax - exempt bond interest.

Income from pensions, 401k plans, IRAs and other qualified retirement plans is excluded from the definition of investment income for purposes of thiIncome from pensions, 401k plans, IRAs and other qualified retirement plans is excluded from the definition of investment income for purposes of thiincome for purposes of this tax.

Tax - free on the other hand implies income that is not taxable in the hands of investors i.e. the income from such tax - free source is not included in the total income for the purpose of computation of total tax liabiliTax - free on the other hand implies income that is not taxable in the hands of investors i.e. the income from such tax - free source is not included in the total income for the purpose of computation of total tax liabilitax - free source is not included in the total income for the purpose of computation of total tax liabilitax liability.

Tax benefit is for indicative purpose and assuming that all the conditions mentioned u / s 80C and other sections of Income Tax Act, 1961 are fulfilled.

However, a gift of assets to a non-spousal trust that names other persons as beneficiaries usually results in a disposition of those assets at fair market value for income tax purposes.

It is also income for all other purposes as well — which means it increases Adjusted Gross Income (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurincome for all other purposes as well — which means it increases Adjusted Gross Income (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurIncome (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insuranctax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insuranctax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurancTax Credit, to the phaseout of premium assistance tax credits for health insuranctax credits for health insurance).

In other words, unless ROC distributions are reinvested in either the same fund or another investment, the interest on the portion of the borrowed money that relates to those distributions would no longer be tax deductible since the funds are no longer being used for an income - earning purpose.

For purposes of state income tax, interest on United States savings bonds, United States treasury bills, and various other bonds or obligations of the United States and U.S. territories are exempt.

The characterization of distributions for tax purposes (such as dividends, other income, capital gains etc.) for each period will be reported only after the Fund's tax year end.

For the purposes of qualifying for the Premium Tax Credit, it is your modified adjusted gross income (AGI) plus the AGI of every other individual in your family who can claim a personal exemption and is required to file a tax retuFor the purposes of qualifying for the Premium Tax Credit, it is your modified adjusted gross income (AGI) plus the AGI of every other individual in your family who can claim a personal exemption and is required to file a tax retufor the Premium Tax Credit, it is your modified adjusted gross income (AGI) plus the AGI of every other individual in your family who can claim a personal exemption and is required to file a tax retuTax Credit, it is your modified adjusted gross income (AGI) plus the AGI of every other individual in your family who can claim a personal exemption and is required to file a tax retutax return.

The shortfall can be deducted for tax purposes from income from other sources, such as the wage or salary income of the investor.

Each fund is treated as a separate entity for federal income tax purposes and is not combined with the Trust's other funds.

Net contributions by a taxpayer who does not claim the Minnesota tax credit for contributions are deductible for Minnesota income tax purposes each year up to $ 3,000 for joint income tax return filers and $ 1,500 for all other filers.

In other words, their usage of the property counts as benefit from their corporation for income tax purposes.

(i) Certain types of claim, eg those relating to travel and staff costs, may result in amounts being offset for tax purposes against «other income».

The leading case of Pemsel v. Special Commissioners of Income Tax (1891) All E.R. Rep. 28 (U.K.H.L.) held that «charity in its legal sense comprises four principal divisions: trusts for the relief of poverty; trusts for the advancement of education; trusts for the advancement of religion; and trusts for other purposes beneficial to the community, not falling under any of the preceding heads.»

If used for any other purpose, you may be subject to income taxes, plus an additional 10 percent federal tax penalty on your earnings.2 Keep in mind that you, the 529 plan owner, are the one subject to taxation and any penalties - not your beneficiary.

But what insurance agents really mean when they make this point is if you put money in a tax - advantaged retirement plan like a 401 (k) and want to take it out for a purpose other than retirement, you might have to pay a 10 % early distribution penalty plus the income tax that's due.

Real property taxes, along with other state and local taxes paid, are deductible for federal income tax purposes.

There is no change in your economic position by transferring your primary residence into a LLC, You do not have a substantial purpose for entering into such transaction other than to simply avoid paying federal income taxes.

Remember, though, in order to count such a lunch as a business expense for federal tax purposes, the main purpose of the lunch must be business; you must discuss business before, during, or after the meal; and you must have a reasonable expectation of generating income or some other business benefit.

Interests in an entity that is considered to be a disregarded - entity for Federal income tax purposes, such as a single - member limited liability company; this entity must hold either legal title to the property or other Qualified Indicia of Ownership.

Rental income is classified as passive income for tax purposes and is treated the same as any other form of business income except that it is not subject to self employment taxes which is a big break.

For tax purposes, it really depends on your other income, your marital status, your current portfolio and your long term goals in terms of the costs.