Sentences with phrase «state income tax purposes»

Further, Michigan's real estate statute defines an «independent contractor relationship» as a relationship between a real estate broker and an associate broker or real estate salesperson where there is both a written agreement between the parties stating that the associate broker or real estate salesperson is not considered an employee for federal and state income tax purposes and not less than 75 % of the annual compensation paid by the broker to the associate broker or real estate salesperson is from commissions from the sale of real estate.

Policy Owner: Premiums paid by the policy owner are normally not deductible for federal and state income tax purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes.

Earnings credited to a LA ABLE Account that are subsequently refunded by LATTA are taxable for Louisiana state income tax purposes.

Finally, interest from treasury securities is tax - exempt for state income tax purposes.

Not exact matches

You were married in a state that recognizes same - sex marriage, you are considered «married» for Federal income tax purposes.

Desert Newco is currently, and will through consummation of the reorganization transactions, be treated as a partnership for U.S. federal and most applicable state and local income tax purposes.

The Company is treated as a partnership for U.S. federal and most applicable state and local income tax purposes.

Desert Newco is currently, and will be through consummation of the Reorganization Transactions, treated as a partnership for U.S. federal and most applicable state and local income tax purposes.

GLPI elected to be taxed as a real estate investment trust («REIT») for United States federal income tax purposes commencing with the 2014 taxable year.

Our effective tax rate differs from statutory rates primarily due to our pass - through entity structure for U.S. income tax purposes, while being treated as taxable in certain states and various foreign countries as well as for certain subsidiaries.

Furthermore, we will calculate the state and local income tax savings by applying this 5 % rate to the reduction in our taxable income, as determined for U.S. federal income tax purposes, as a result of the tax attributes subject to the TRAs.

For purposes of calculating the income tax savings we are deemed to realize under the TRAs, we will calculate the U.S. federal income tax savings using the actual applicable U.S. federal income tax rate and will calculate the state and local income tax savings using 5 % for the assumed combined state and local rate, which represents an approximation of our combined state and local income tax rate, net of federal income tax benefit.

For the collection of state income taxes, adjusted gross income and itemized deductions are based off the federal IRC, with adjustments for state purposes.

Since contributions would be both deductible and trigger the credit, the effective credit would be between 91 percent and 94 percent.31 This proposal provides relief from the SALT cap because the contribution can be deducted from income for federal tax purposes, just as the State and local tax was prior to TCJA.

And in New Jersey, where local property taxes are a much bigger concern than state income taxes, incoming Democratic governor Phil Murphy and two Democratic congressmen have floated a proposal to create a charitable foundation similar to the one being contemplated for California and New York, but with property - tax purposes targeted and a new state tax credit created against property - tax liability.

«I believe that it is important that the Treasury and the IRS issue guidance or a formal opinion letter whether taxpayer contributions to state authorized trust funds, partially reimbursed by credits reducing state and local income taxes, will be considered deductible for federal tax purposes,» Faso wrote in the letter.

In certain circumstances, the U.S. Internal Revenue Code requires that individual income taxpayers report the refund of excess state or local income tax payments received by the taxpayer as income for federal income tax purposes.

If the purpose of the withdrawal is not for qualified educational expenses, the earnings portion of the withdrawal will be subject to state and federal income tax, as well as an additional 10 % penalty.

Most types of income are taxed at ordinary tax rates for federal and state purposes but are not subject to FICA taxes.

Unless you live in one of the states without an income tax, you will have another chunk of your income taken out for state tax purposes.

The amount of the discharged debt will be considered income for federal tax purposes and possibly for state tax purposes.

The most likely reason you'll have to pay AMT is if you have certain types of deductions that don't get counted for AMT purposes, such as real estate and state income taxes.

A: There are several sources of income that can not be accepted: Unemployment insurance payments, both State & Federal temporary disability insurance payments, workers compensation or any employment or job where you are paid under the table or monies not declared for tax purposes can not be considered.

Also, the interest generated by municipal bonds may be (at least partly) taxable for income tax purposes by your state.

Residents are taxed on the same income they report for federal income tax purposes, subject only to the specific modifications allowed under state law.

Similarly, this means it's also important to recognize that while long - term capital gains falling at the lower income levels may be eligible for a 0 % tax rate, it is still income for tax purposes, not only for determining which bracket to apply, but also for state income taxes (which may not be a 0 % rate!)

If my only income is 1099 retirement and I move from another state, when will I become a Texas resident for tax purposes?

If you used the standard deduction, then, Yes, the state tax refund that you received in 2016 is not taxable income for Federal income tax purposes, and it is not taxable income for State purposes eistate tax refund that you received in 2016 is not taxable income for Federal income tax purposes, and it is not taxable income for State purposes eiState purposes either.

Any refund from your 2013 Federal income tax return is not taxable income to you for 2014 (or for any later year either), neither for Federal income tax nor for State or local income tax purposes.

In many cases, the cost of these products may be tax deductible for purposes of Federal and / or State income tax.

Act Sept. 1, 1954, § 201 (b), increased the limitation on self - employment income subject to tax, for taxable years ending after 1954, from $ 3,600 to $ 4,200 and included as «wages», for purposes of computing «self - employment income,» remuneration of United States citizens employed by a foreign subsidiary of a domestic corporation which has agreed to have the Social Security insurance system extended to service performed by such citizens.

For purposes of state income tax, interest on United States savings bonds, United States treasury bills, and various other bonds or obligations of the United States and U.S. territories are exempt.

Rouse has stated that it intends to qualify as a REIT of US income tax purposes but is not yet paying a dividend and has yet to announce what the dividend will be (uncertainty can be your friend)

Interest paid on bonds issued by states or municipalities that is tax - free for federal income tax purposes.

You can generally claim the same deductions for Virginia purposes that you claimed on your federal Schedule A, except for the deduction for state and local income taxes.

Contributions or gifts to the Climate Reality Action Fund, a 501 (c)(4) organization, are not deductible as charitable contributions for United States Federal income tax purposes.

CRA agents proceeded to write to the restaurant, stating that it had been selected for an «evaluation» of its electronic records, and that the evaluation was «not an audit, but rather a limited review of your current recordkeeping practices to determine if they are adequate for purposes of the Income Tax Act and Excise Tax Act.»

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.

Real property taxes, along with other state and local taxes paid, are deductible for federal income tax purposes.

For income tax purposes, if all trust income is distributed to the beneficaries every year, the beneficiaries» state of residence determines the applicable state income tax rate on that income.

The purpose of a 1031 Exchange is to defer Federal, and in most cases state, depreciation recapture and capital gain income tax liabilities.