Sentences with phrase «special deductions»

Additionally, the bill will waive special deduction limitations for junk debt issued this year.

In the income tax, such provisions include special deductions and exclusions, special rates, and tax credits.

Like many states, Rhode Island uses federal taxable income, as determined under the current IRC (but without special deductions allowed under federal law), as the starting point for determining taxable income for purposes of the business corporation tax.

He will also propose an increase in the standard deduction for families and special deductions for childcare and the elderly, Kudlow said.

After taking advantage of a variety of special deductions, U.S. corporations paid an effective marginal tax rate of just 18.6 percent in 2012, a rate that went unchanged despite ups and downs in the economy over the previous decade, according to a Congressional Budget Office report.

Many Republican senators seem to agree that merely exempting the companies from corporate tax and adding a new special deduction isn't enough.

However, if your modified adjusted gross income (MAGI) is less than $ 80,000 ($ 160,000 if filing a joint return), there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education.

The income may be offset, at least in part, by a special deduction for estate tax paid on «income in respect of a decedent,» but for various reasons the beneficiaries may not receive the full benefit of this deduction.

This is a special deduction that's designed to prevent the alternative minimum tax from applying at lower income levels.

In general, this special deduction will entirely offset the taxable benefit arising from low - interest or interest - free loans of $ 25,000 or less.

The taxable benefit arising from such a loan may be partially or entirely offset by a special deduction.

The most important piece is an adjustment in a special deduction called the AMT exemption amount.

Our tax laws have benefits for certain kinds of income and special deductions and credits for certain expenses.

After that level of taxable income, the special deduction depends on the wages the business pays.

This special deduction is unrestricted until total taxable income reaches the income limitations of $ 157,500 for single filers and $ 315,000 for married couples.

The new tax law brings numerous changes to the special deductions and credits available to homeowners, joint filers, and families.

I find the Canada Revenue Agency (CRA) website surprisingly helpful on the special deductions this year for the home renovation tax credit and also in answering questions on RRSPs (although the CRA is an easy target for criticism, their website is one of the better websites having an effective online A to Z index).