Sentences with phrase «tax liability»

If you have a state income tax liability of $ 3,000 in a certain year, you can apply part of your $ 20,000 credit.

You've still got time to make some last - minute moves in 2018 that'll lower your overall income tax liability for 2017.

This strategy can provide your spouse with additional assets to better utilize his or her applicable exclusion amount, thereby minimizing the combined gift and estate tax liabilities of you and your spouse.

Typically, mutual funds are more likely to pass capital gains tax liability on to their investors on a regular basis.

This approach may enable investors to avoid a big jump in tax liability in a single year.

Credits reduce tax liability dollar for dollar for the amount of credit.

This is not to be confused with your effective tax rate, which is determined by dividing your total federal tax liability by your total income.

Instead of the normal 50 % inclusion rate, you'd have zero capital gain tax liability on the securities transferred, plus you will get a charitable donation tax credit.

Dedicated professional with extensive knowledge of the tax codes and ways to legally lower tax liability for clients.

This subject certainly won't get your adrenaline pumping unless you are facing a large income tax liability from the sale of rental, investment or business use property.

This allows you to reduce your federal tax liability by the amount of your credit, which reduces the overall amount of taxes that you are required to pay for the year.

One of the largest adjustments was the removal of $ 1.7 billion (12 % of market cap) in deferred tax liabilities.

· Lower Estate Taxes — Reduce or possibly eliminate an estate tax liability with the assets being used.

On the flip side, there could be a large tax liability if the post secondary plans do not work out.

We work out your actual income tax liability when we assess your annual tax return.

If you are concerned with tax liability, you should consider making tax - free gifts in order to reduce the amount of your taxable estate.

Your state tax liability depends on where you earn your living, not on the location of the headquarters of the company that pays you.

You can also reduce the face amount of a loan or surrender a certain amount of cash value to avoid incurring tax liability from a policy's lapse.

Not only could this create increased tax liability for a law firm, it could also result in a legal accounting audit that could further result in compliance issues for the firm.

These professionals can help you with everything from creating a budget to reducing potential tax liabilities.

As a result, the overall tax liability of many C corporations will be reduced.

When everything works well, that can simplify things for taxpayers, as it avoids having to use two completely different sets of rules to calculate tax liability for federal and state purposes.

They can increase balances and lead to a big future tax liability at this point.

The accumulation of cash in the policy can be accessed through policy loans or partial surrender without tax liability.

Let's review how to cover your projected tax liability while minimizing your refund.

While some may benefit in the short term from avoiding tax liability on the like - kind exemption theory, this is a dangerous game to play.

Of course, you will have to pay taxes on the income you failed to report, as well as any additional tax liability incurred if it bumps you into the next tax bracket.

People often turn to annuities for the tax benefits, as the structure allows owners to delay tax liability until later in life.

You'll pay higher taxes the year you convert the funds, but you might be able to reduce future tax liabilities.

The program provides a special tax credit to qualified borrowers, which reduces their federal income tax liability over the life of the mortgage.

It will only be applied where the calculation results in a decreased tax liability.

This may lead to a higher tax liability for some taxpayers.

Yet there are still some legitimate ways of reducing tax liability through investments in certain types of partnership or limited liability company arrangements involving such activities as oil and gas drilling.

A corporation with a «business presence» in another state will also likely incur tax liabilities associated with its «nexus» to the state.

2017 is in the books at this point, and little can be done about tax liability incurred in the past.

Otherwise, you could actually end up with an even larger tax liability than you started out with.

For this reason, many people who are considering a wrongful death or survival action wonder if they can avoid incurring a significant tax liability when they receive a settlement or award.

Carefully estimate the impact of a conversion on your overall tax liability before you make the move.

Cash flow is the monthly amount you have left over after all expenses and a set aside of estimated tax liability.

The idea of significantly and perfectly legally reducing annual tax liabilities in lower tax jurisdictions is a major temptation.

There are other ways to manage tax liability beyond the first year.

You have few options to change your prior year tax liability once you begin your tax return preparation.

Understanding capital gains taxes and how they affect your own personal tax liability is a key part of investment planning.

Those giving to a school - based charity, for instance, would see their annual property tax liability drop by 95 percent, not the full 100 percent based on the donation.

If you are currently making payments on an installment plan, you can use this form to apply to roll your new tax liability into your current payment plan.