Sentences with phrase «tax purposes»

"Tax purposes" refers to the reasons or objectives related to taxation. It encompasses the specific uses or intentions behind how taxes are calculated, reported, and used by individuals or organizations. Full definition
This would allow them to implement a number of targeted tax changes, the most important being the splitting of family income for tax purposes for families with children under the age of 18.
Student loans and financial aid count for income tax purposes in very distinct ways.
Notice 2014 - 21 answered 16 questions, but also provided an avenue for answering even more, by stating that virtual currency is to be treated as property for federal tax purposes.
If the donor dies within the 5 - year period, a portion of the transferred amount will be included in the donor's estate for estate tax purposes.
You will pay essentially zero percent on the gains for federal income tax purposes as long as that is your taxable income based upon your tax return.
In assessing the value of real estate for property tax purposes, there are 3 standard approaches that are employed.
Under current law, the amount forgiven generally represents taxable income for income tax purposes in the year it is written off.
For regular tax purposes this is a $ 100,000 long - term capital gain taxed at 15 % for a tax of $ 15,000.
If your residence status differs from that of your spouse or civil partner, you can choose to be treated as single people for tax purposes if it is more beneficial.
This is used for tax purposes when calculating taxable gains.
The market value of the mutual fund upon removing your mother's name would then become your new cost base for your own capital gains tax purposes.
It's important to remember however that this is your total income for tax purposes only, and not your absolute total income.
He believes this to be the earliest - ever «first death» for inheritance tax purposes.
However, a special rule allows you to make a lump - sum contribution and spread it over five years for gift tax purposes.
For Canadian tax purposes, each taxpayer must file a separate return.
Also, the interest generated by municipal bonds may be (at least partly) taxable for income tax purposes by your state.
But before we get into classification of employees for employment tax purposes, I want to address your question about compliance checks.
Also, ask the dealer to treat your used car like a conventional trade - in on the bill of sale, for retail sales tax purposes.
One advantage is that all eligible employer contributions are tax - deductible for corporation tax purposes, but won't be taxable to the employee until the plan starts to generate pension income.
These are attractive for tax purposes because municipal bond interest is exempt from federal taxes.
We will provide receipts for all donations for income tax purposes at the time items are dropped off.
You can't report a loss for tax purposes without changing your investment position.
Other companies choose to distribute more income to investors because of tax purposes.
The shortfall can be deducted for tax purposes from income from other sources, such as the wage or salary income of the investor.
Generally you aren't treated as the owner for tax purposes until the stock vests.
If you have purchased insurance for your business, for your business equipment, or health insurance for yourself and employees, you can deduct these expenses for business tax purposes.
In other words, a corporation that you form and of which you are the sole shareholder can nonetheless be your employer for payroll tax purposes.
But if the rich's person's income is already optimized for tax purposes before the cut, then amount of money on the table which is to be affected is unchanged.
Keep track of how much you are paying and receipts so you can write off the deductions for tax purposes later.
By conforming the city's corporate tax system with the state, business owners won't need to maintain separate records for state and city tax purposes.
At this point, the creditor will charge - off the account, meaning they will write off the debt for their own tax purposes and claim the loss.
The family can allocate that money for tax purposes among family members to better reflect how it is actually spent.
Since anonymous currencies can not be tracked, it makes keeping a record of payments for tax purposes quite difficult.
This definition is tied to the criminal code in each taxpayer's particular jurisdiction, as theft for tax purposes requires criminal intent.
As such, all virtual currency is treated like property for general tax purposes.
There is a large body of established tax principles and law for property that apply to cryptocurrency and how the gains, losses, income and transactions are treated for federal tax purposes.
For starters, portability only applies for federal estate tax purposes; it does not apply to state estate taxes.
All currently - owned property will be treated for tax purposes as though it was purchased on that date.
So it will add value to your house for property tax purposes.
Income from municipal bonds usually isn't taxable for regular tax purposes.
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.
Normally for tax purposes when property is transferred from one person to another it is done at fair market value when the transfer is made.
As well, portions of some distributions from income trusts such as REITs are treated as a return of capital for capital gains tax purposes.
He explained that he rarely even checks his stock prices, and when he does it is usually for tax purposes only.
The firm believes this is one of the earliest «first deaths» yet claimed for inheritance tax purposes.
One follow up question, is it okay for me to assume that platform fees paid will be deducted for tax purposes in non registered, non business account?
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