Sentences with phrase «special deductions allowed»

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.

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.

Not exact matches

The Congressional Budget Act of 1974 defines tax expenditures as «revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.»

The charitable deduction falls into a category of revenue losses, so - called tax expenditures, attributable «to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.»

To help business owners stay in operation, the tax code allows a special tax deduction, known as loss carry - forward, when losses occur.

For Canadian tax purposes, Rob would include the $ 100,000 in his Canadian tax return as foreign pension income (as illustrated by the mechanics in the case above), but he would get an offsetting deduction for a $ 100,000 RRSP contribution since there is a special rule that allows you to contribute IRA funds to an RRSP without needing unused RRSP room.

In addition to allowing the use of the standard deduction for these losses, the law also allows for special treatment of qualified disaster distributions from eligible retirement plans including: