Sentences with phrase «same as a deduction»

It's not the same as a deduction, which comes off the top of your income.

(in effect, these exemptions are the same as deductions).

Not exact matches

You can purchase items to make your office as nice as possible with holiday deals and score a deduction at the same time.

Alphabet is entitled to a deduction at the same time and in the same amount as the participant recognizes ordinary income.

California's state mortgage tax rules are the same as the federal rules, meaning you can get a double deduction for the qualifying mortgage interest payments you make in each tax year.

Mississippi allows the same itemized deductions as the IRS, with the exception of the deduction for state and local income taxes.

And as leaders in each chamber grapple with difficult trade - offs on tax rates, deductions and deficits, the House is making decisions the Senate won't accept and the Senate is doing the same to the House.

The same process of deduction masquerading as analytic induction can be traced in other fields.

The question was asked earlier, why not the same inductive process in delivery as in preparation rather than a broken path of private induction and public deduction?

It is a case of obvious interest to me as a supporter of Cardiff City, who before the judgement stand as one of two teams (along with Swansea) who might benefit from any points deduction handed to Rangers, but my opinion would be the same whoever were in this position.

Places in mainstream free schools will be funded on the same basis as those in a mainstream academy, with deductions made from the local authority in which the free school is located.

The debt - to - equity ratio has also been revised from 2:1 to 3:1 to allow for additional debt financing and at the same time allow the interest on the debt as an allowable deduction.

At the same time, Cuomo is pushing for an overhaul of the state's tax code that could result in the adoption of a payroll tax and changes to charitable deductions as a workaround to the cap on deductions.

Suffolk County town tax receivers are dealing with hundreds of property tax overpayments after Long Islanders last week rushed to prepay their 2018 taxes in the hopes of claiming a deduction as their mortgage companies submitted the same bills.

The rate has stayed the same for anyone making less than that, though deductions are indexed to inflation for these filers as well.

That means deductions should be larger for anyone in this wage category who earns the same amount in 2015 as in 2011.

Schumer said Trump would likely face the same resistance that former President Ronald Reagan did in 1986 when he proposed eliminating the state and local property tax deduction as part of a broad tax reform plan.

As the story unfolds, it is hard to believe that Nell or anyone else can make the same deductions she did.

The deduction will be done after the budget share is calculated, in the same way as de-delegation currently operates.

Take away the deduction, and the after - tax rates are the same as the listed rates of 3.32 percent and 2.66 percent.

The basic requirements for the credit are the same as the tuition and fees deduction.

Also, the fact is that the tax deduction from an RSP is the same as an interest payment (i.e. if the interest payment is equal to an RSP contribution then the tax deduction is also equal).

And then you have a $ 100,000 donation, which is a write off so it would seem that whether you do it directly from your IRA, then it doesn't show up on your return, versus It's on the return as income and as a deduction, it would seem to be the same.

While for self - employed borrowers the criterion is the same, there are more options as certain deductions not available to wage earners may not reduce qualifying income while do reduce taxes due.

You can not claim the tuition and fees deduction as well as an education credit for the same expense.

New Mexico uses the same dollar amounts as the IRS for standard deductions, personal exemptions, and itemized deductions.

The maintenance costs could also be used in the same way as a deduction to reduce the tax on the income produced.

Just don't forget you can't claim the same business expense as a tax deduction.

As long as you're not in the same tax bracket throughout your life — and few people are — then you have some ability to take income and use deductions at times that will result in an overall tax savingAs long as you're not in the same tax bracket throughout your life — and few people are — then you have some ability to take income and use deductions at times that will result in an overall tax savingas you're not in the same tax bracket throughout your life — and few people are — then you have some ability to take income and use deductions at times that will result in an overall tax savings.

Other income - smoothing strategies, such as investing in flow - through shares and the timing of capital gains, are more complicated, but they all rely on the same basic idea of smoothing your income and deductions to reduce the total amount of tax you have to pay.

You would claim the same deductions as above, including the education tax credit, and you would still owe $ 2,391 in taxes.

Your business expenses are itemized, in the sense that they are not combined into one pile, that's not the same as itemized deductions, an easily confused notion.

I think this is the least interesting fix, as it doesn't address some of the other issues — it still encourages people to go into debt, and the same amount of interest provides different amounts of deductions for people in different tax brackets.

When filing as married filing jointly, couples can record their respective incomes, deductions, and exemptions on the same tax return.

Uninsured property losses work much the same way as non-reimbursed medical expenses for tax deduction purposes.

Contributions to a qualified workplace retirement plan, such as a 401 (k) or 403 (b), have essentially the same tax - lowering effect, but they are not technically tax deductions, since they are not counted as current - year income and therefore do not appear on your tax return.

A tax credit is not the same as a tax deduction.

Review your mortgage statement to see how much of your loan you have left to payoff, then evaluate targeting this as a goal before you retire (the «return» on your money is essentially equal to your interest rate — you'll lose the tax deduction for the interest, but if you invested the same amount you'd owe taxes on the investment return).

To add on previous comment I was renting a room for only $ 350 a month in San Diego (insane deal) in a house and nice neighborhood from Real Estate Agent that worked in same office as I. Everyday he would tell me «you are making so much money you need an interest deduction,» «I can start showing you houses,» and so on - this went on for months on end until I decided yes I needed to offset my income via the interest paid on a home loan.

Assuming the retirement account is all pre-tax dollars, the entire fee will be paid with pre-tax dollars, which is effectively the same as a tax deduction.

The deduction might include $ 17,000 of a $ 20,000 operation not covered by insurance, plus any other unreimbursed expenses incurred in the same year, such as routine medical checkups, dental procedures, chiropractic treatments — even contact lenses and prescription drugs.

If you have substantial medical bills pending, you can boost your deduction by scheduling other medical procedures or expenses in the same year — and especially by scheduling as much as possible for the 2018 tax year (taxes due in April 2019).

There may be some other expirations changing, but most of the deductions remain in place, and so taxable income would stay about the same as well.

As long as you're not in the same tax bracket throughout your life, you have some ability to take income and use deductions at specific timeAs long as you're not in the same tax bracket throughout your life, you have some ability to take income and use deductions at specific timeas you're not in the same tax bracket throughout your life, you have some ability to take income and use deductions at specific times.

But they MUST apply community property laws on those federal returns, so they will have to split their income and deductions according to community property laws, same as in the «John and Betty» example above.

Can I take 15k out of the 50k unused rsp room as an rsp deduction to offset the 14k in taxes owed in the same taxation year?

As illustrated below, rotating the contribution every other year results in total deductions over this four - year period of $ 128,000, while they would receive only $ 100,000 of deductions following their old routine and their charitable contributions remain at the same level.

Let's say everything is the same as the previous example except you had a total of $ 13,000 of itemized deductions on your federal return.

You didn't link to what section of Pub 502 you're looking at, but it looks like your answer is the same as dxr's, and has the same issue: this is describing the general deduction for medical expenses, not the specific, above - the - line adjustment to income for health insurance premiums paid by self - employed individuals.

When you file a tax return as Married Filing Jointly, you and your spouse both report your income, deductions, credits, and exemptions on the same tax return.