Sentences with phrase «substantial tax deductions»

If you expect to have substantial tax deductions in 2013, consider requesting CRA authorization to decrease tax withheld from your salary.

The general taxpayer is, nevertheless, subsidizing the work of that foundation through the substantial tax deductions given to its founder.

In this manner, the donor is able to make a generous gift to his charity and receive a substantial tax deduction, leaving more of his assets for his heirs.

Not exact matches

Looking forward to the 2018 tax year and beyond, the student loan interest deduction remains unchanged though there was a substantial discussion about changing or even eliminating it as part of the Trump tax plan.

All told, though, the plan is, like its House counterpart, a proposal to dramatically slash corporate tax rates, open up a big new loophole for wealthy individuals, and pay for the cuts by dramatically expanding the national debt and ending a number of tax deductions that could leave a substantial share of middle - and upper - middle - class people paying more.

That may seem like a substantial sum of money to save for a distant goal like retirement, but the benefits like a potential federal income tax deduction if you're eligible and tax - deferred or tax - free growth may make saving for retirement seem a little easier.

Most low - income households do not pay federal income taxes, typically because their incomes are lower than the combination of their allowed standard deduction and their personal and dependent exemptions, or because they receive substantial rebates via refundable tax credits.

With proper charitable planning advice, you might be able to remove the asset from your taxable estate, receive a substantial, immediate tax deduction, and even guarantee income protection.

For instance, the I.R.S. could deem a substantial state tax benefit received in exchange for a charitable contribution to be a deduction - reducing quid pro quo.

Doubles Existing Deductions for Start - up Costs for New Small Businesses: New start - ups typically face a number of substantial expenses in their first year they get off the ground, such as permits, consulting costs, expenses in finding clients and custoemrs and other needs, but are limited in the amount of expenses they can deduct that year on their taxes.

The existing federal annual expenditure on childcare of $ 26 billion plus a portion of the federal tax expenditure for charitable contributions is more than sufficient to cover the $ 42 billion bill, while leaving a substantial charitable contribution deduction in place.

Though not «tax shelters» in the strictest sense, many tax deductions can save you substantial money on your taxes, by decreasing the amount of your income that is taxable.

If a combination of pensions, Social Security, and savings will provide ample income, it might be easier to manage mortgage payments in retirement and still receive a substantial tax - deduction for the interest paid.

In addition, the difference in effective and marginal rates may also be due to a substantial amount of non-taxable income items or tax deductions and credits that decrease income.

With proper charitable planning advice, you might be able to remove the asset from your taxable estate, receive a substantial, immediate tax deduction, and even guarantee income protection.

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).

(By saving more, I do not just mean saving the value of the tax deduction — I mean substantial additional savings as well.)

The Tax Cut and Jobs Act included a substantial increase in the Standard Deduction that each taxpayer is able to take.

Tax filers may opt to itemize their deductions if it provides a more substantial tax benefTax filers may opt to itemize their deductions if it provides a more substantial tax beneftax benefit.

I thought (much like you probably did) that there would be a typical and quite substantial amount owing until I found out about some of the deductions I qualified for, upon interpretation of your tax preparation guide.

And if you itemize on your tax return, the mortgage interest deduction can result in substantial tax savings that certainly affect your decision to purchase that home vs the alternative of renting.