Sentences with phrase «portion of a tax year»

But here's the rule: If you are covered by and contribute to an employer - sponsored retirement plan, like a 401 (k) for any portion of a tax year, you must test your income to determine if IRA contributions can be deducted.

For example, if you were self - employed for some portion of the tax year and earned more than $ 400.00 during that self - employment, you will have to file a federal tax return and pay the necessary self - employment tax (Social Security and Medicare).

Not exact matches

By far, the oddest thing about Donald Trump's 1995 tax returns, a portion of which was published by The New York Times on Saturday, is not the massive $ 916 million loss — some 9,385 times as large as what was taken by the average filer who claimed a similar loss — but this: 1995 was actually a very good year for Trump, perhaps one of the best of his career.

Much the year - end maneuvering noted by the Rockefeller Institute involved the country's millionaires and billionaires rearranging their finances to maximize the portion of their income that would be taxed in 2012, at lower rates, rather than in 2013, at potentially higher rates.

Those companies would still have to pay a portion of the tax, which would be a minimum of $ 1,500 a year per employee.

Those considering current year charitable contributions who are also facing long - term capital gains tax on the sale of highly appreciated shares after an initial public offering may realize a much more favorable income tax result and charitable impact by making a timely donation of a portion of their IPO shares (either during or after the lock - up period) directly to charity.

Of course, this plan gives up the tax deductions you earn on the portion you pay towards mortgage interest on a primary home, making it less efficient compared to a true 15 - year mortgage.

Holders who purchase units at different times and intend to sell all or a portion of the units within a year of their most recent purchase are urged to consult their tax advisors regarding the application of certain «split holding period» rules to them and the treatment of any gain or loss as long - term or short - term capital gain or loss.

With this strategy, generally, excess capital losses can be used as loss carryforwards to offset capital gains and portions of ordinary income in future tax years.

In short, it's a tax credit worth $ 0.50 per gasoline gallon equivalent of compressed natural gas, or diesel gallon equivalent of liquefied natural gas, and Clean Energy has been able to claim this tax credit for a portion of its fuel sales each year.

Should you exercise the vested portion of your stock options before the end of this year, to get the maximum potential tax benefit from the temporary 100 % exclusion of capital gains on the later sale of Qualified Small Business Stock?

For example, you could make your RRSP contribution each year, and then pay down a portion of the mortgage principal using the tax refund generated by your RRSP contribution.

Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.

Schaumburg Park District residents can expect to see a decrease in the district's portion of their tax bills next year as a result of the new $ 6.7 million tax levy approved for 1999.

I spent almost 4 years of my life trying to get the funding for that Point of Sale system — we applied for grants, we looked for a private funder, we approached the city — until finally we were able to get it funded through a parcel tax which was sold to the voters as a pay increase for our hard working and underpaid teachers, but which also contained a small portion vaguely dexcribed as «technology.»

The de Blasio administration warns that a plan by Cuomo to divert a portion of new city property taxes to the MTA to help fund mass transit improvements would cost the city $ 290 billion over 35 years.

Hubris sure would explain Spitzer's decision to release only portions from two years of tax returns.

Each year the Kingston Common Council determines what portion of the total tax levy will be borne by each sector.

I think the issue in Albany can be especially appreciated this time of year when residents are our enjoying the amenities that Erie County has to offer that would be threatened if we lost a portion of sales tax revenue.

Based on the Stiglitz - Orszag analysis, the groups recommended a temporary two - year personal income tax surcharge on the portions of taxpayers» incomes above $ 100,000.

Sales tax breaks amount to $ 3 million, but in its first five years, the hotel portion of the project will create $ 1.6 million in new, county bed tax dollars.

The accord stems from what environmental advocates have called a «raiding» of a portion of the Drinking Water Protection Program, a quarter - percent sales tax that Suffolk voters have chosen to levy upon themselves through the year 2030.

The monarchy created a deal with the British government years ago whereby the monarchy gives them the right to a large portion of their lands which are worth around 200 million pounds annually in exchange for 40 million pounds annually meaning that the monarchy actually makes the UK citizens taxes cheaper and essentially gifts the government 160 million pounds a year for free.

This local law, enacted for either one - or two - year terms by the Erie County Legislature, dedicated a portion of Erie County's real property tax for Library purposes and guaranteed that funds appropriated by the Legislature could not be re-appropriated to cover mid-year shortfalls elsewhere in the Erie County budget.

Property tax abatements for the building were due to expire in 2008, but Delaware North obtained an additional seven years of tax breaks from the ECIDA for the portion of the building it occupies.

And that money is actually repayment for a portion of the more than half a billion dollars hospitals pay in state taxes a year.

The plan, as described by Roberts would allow municipalities to pay this year's Safety Net expenses by giving up a portion of the revenue they receive each year from county sales taxes in a dollar - for - dollar exchange.

The commission recommended spending $ 1 billion over three years on a property tax «circuit breaker» — where citizens get a rebate when property taxes hit a certain portion of their income — as well as an effective freeze for ratepayers who live in municipalities that abide by a Cuomo - passed two - percent cap on growth.

Certain portions of employees» incomes are tax free for another five years.

Property taxpayers already receive a portion of their own money back that they paid in taxes, if their school or local government further holds the line on spending beyond the state's two percent per year property tax cap.

Every year, I use a portion of my tax return to splurge on a sartorial item I wouldn't otherwise purchase.

The Illinois legislature last week considered but decided not to approve a property - tax relief measure that educators charged would have eliminated a substantial portion of the new funding that school districts are set to receive under an income - tax increase passed this year.

[6] The columns in the table address: a) the vehicle by which funding is delivered (e.g., tax expenditure vs. social program); b) the particulars of that funding vehicle (e.g., payments to individuals vs. program providers or states); c) the dollar value of the benefit to a family; d) whether the tax benefits are refundable (provide refunds to low income families in excess of their tax liability); e) whether the benefits are progressive (inverse to family income); f) the total annual program expenditure that is conditional on children (e.g., spending on housing vouchers that goes to families without children is excluded); and g) the estimated portion of the total expenditure that goes to children under five years of age.

In April 2017, In the Public Interest released a report revealing that a substantial portion of the more than $ 2.5 billion in tax dollars or taxpayer subsidized financing spent on California charter school facilities in the past 15 years has been misspent on: schools that underperformed nearby traditional public schools; schools built in districts that already had enough classroom space; schools that were found to have discriminatory enrollment policies; and in the worst cases, schools that engaged in unethical or corrupt practices.

Can I invest a portion of the capital gain in the bonds to save tax now after 6 months and before end of this financial year?

Taxable portion (+ α + β)- Not subject to tax; subject to penalty if withdrawn within 5 tax years of conversion

If the distributions are more than the beneficiary's qualified education expenses for the tax year, a portion of the distribution will be taxable to the beneficiary.

In the specific case where the estate is worth (this year 2011) more than $ 5M, there may be estate taxes due and the insurance would be prorated to pay its portion of that estate tax bill.

Can he choose to cash in a portion of mom's RRSPs this year and have them taxed on her final tax return instead of claiming this withdrawal on his own 2016 tax return?

The RRSP lets you defer paying taxes on a portion of your yearly income (the amount you contribute to your RRSP) and give you a tax rebate in the year you make the contribution.

Another way to reduce your tax is to donate a portion of your gain to a registered charity the calendar year you received the sale money.

Since the minimum monthly payment is reduced to only a portion of interest costs, the remaining debt is forgiven after 10 years but is not taxed, unlike the 20 + year taxable loan forgiveness provision.

If the donor dies within the 5 - year period, a portion of the transferred amount will be included in the donor's estate for estate tax purposes.

If the seller paid the full year of property taxes earlier in the year, escrow credits the seller the portion they covered for the time period after the sale, effectively, reimbursing them.

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

If you don't have to pay alternative minimum tax in the year of the sale, the adjustment may make it possible to claim a larger portion of your AMT credit in that year.

The income tax portion of this withholding will be a credit on your income tax return for that year, just like regular income tax withholding from your cash wages.

However, you also should total this cost comparison over the remaining life of each loan, because the tax deductible portion of the payment is likely to be greatest in the first years and then diminish over time.

An MCC program allows you to claim a tax credit for a portion of the mortgage interest paid per year up to $ 2,000 for the life of the original mortgage, for as long as you live in the home.

Of course, this plan gives up the tax deductions you earn on the portion you pay towards mortgage interest on a primary home, making it less efficient compared to a true 15 - year mortgage.