Sentences with phrase «same as a tax deduction»

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

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.

Not exact matches

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.

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.

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.

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

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).

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.

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.

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.

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).

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).

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.

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?

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.

If the landlords income, exemptions, and other deductions are the same as his renter the landlord will pay less taxes so you can see there is a distinct advantage to being a homeowner or in owning rental property.

Therefore, where necessary to accurately reflect a same sex marriage on the D - 76, adjustments should be made to the line items transferred from the federal estate tax return, such as the marital deduction and determination of gross estate, before such items are entered on the D - 76.

At the very least, they should be treated in the same way as tuition reimbursement plans, which allow up to $ 5,250 a year to be reimbursed to employees free of taxes while giving employers a full tax deduction.

As for paying taxes, that's why we're taking the deduction in the first place, so I think we're on the same page with that one.

Although it works by reducing itemized deductions, its practical effect is usually the same as an increase in your tax rate by about one percentage point.

For federal tax purposes, a boat or a recreational vehicle can be either your main or secondary residence, entitling you to take advantage of the same tax deductions as a homeowner of a typical house.

While you should take advantage of as many of these as possible, don't overlook the fact that tax credits and deductions are not the same thing.

It also allows the same tax credits and deductions as U.S. citizens and residents from the U.S. living in the United States.

For example, if the government provides an income tax deduction for using, or not using, some pollution related device, the cost of this in lost revenue short term might be offset or more than offset, by the savings in less damage to the environment, as well as savings in cost of other methods of controlling this same environmental hazard.

(6) For the purpose of subsection (5), losses from self - employment shall be determined in the same manner as losses from the business in which the person was self - employed would be determined under subsection 9 (2) of the Income Tax Act (Canada) and the Income Tax Act (Ontario), without making any deductions for,

When it is paid as salary continuance, all of the same ordinary tax deductions are made, so the government considers this employment income just as if you were working.

«(iii) in the case of any amount of restitution for failure to pay any tax imposed under this title in the same manner as if such amount were such tax, would have been allowed as a deduction under this chapter if it had been timely paid.

• Federal & New York State income tax return filing status: can now file «married» and it entitles them to the marital deduction • Recognized for estate and gift tax; applies even if the couple lives in a jurisdiction that doesn't recognize same - sex marriage; Same - sex married couples can transfer property to each other free of gift tax • If divorcing, spousal maintenance is now a tax deduction for the payor and income for the recipient • Retirement plans are now subject to transfer and distribution on divorce without penalty • Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both parsame - sex marriage; Same - sex married couples can transfer property to each other free of gift tax • If divorcing, spousal maintenance is now a tax deduction for the payor and income for the recipient • Retirement plans are now subject to transfer and distribution on divorce without penalty • Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both parSame - sex married couples can transfer property to each other free of gift tax • If divorcing, spousal maintenance is now a tax deduction for the payor and income for the recipient • Retirement plans are now subject to transfer and distribution on divorce without penalty • Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both parsame - sex marriage is the legal child of both parents

If you use your home as a true second home, you could get a tax deduction on mortgage interest payments, on the same terms as for your first mortgage, as well as for the property taxes.

Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer tax for the following reasons: 1) As the transfer tax is levied only on buyers and sellers of property, the burden per taxpayer is greater than the burden from a more broad - based tax designed to generate the same amount of revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and sellers of property; 3) The transfer tax adds additional burdens on first - time home buyers saving for a down - payment and covering the closing costs and runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer tax is a state and local tax assessed on real property when ownership of the property is exchanged between parties.

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.