Sentences with phrase «tax purposes because»

Non resident as in «I don't have a green card, but I'm on H1 / L1 status» or «non resident for tax purposes because I'm a tourist / student / not in the US»?

Finally, the contribution to a Traditional IRA might be non-deductible for income tax purposes because the Adjusted Gross Income is too high; once again, not an issue for you for 2016 but something to keep in mind for future years.

Not exact matches

But taxpayers would, the argument goes, be allowed to fully deduct the amount on their federal tax returns because the new law still allows most charitable giving to be deducted for federal tax purposes.

Riverwalk is an easy target because it is highly visible, has a large price tag, and is financed with a federal loan backed by a local motor fuel tax that, some argue, could be better used for purposes such as municipal schools.

You'll have a capital gain or a capital loss when you dispose of bitcoin because virtual currencies are considered property for tax purposes.

The group incentive nature of employee stock ownership and profit sharing makes this an effective way to create and reinforce a sense of common purpose, and to encourage higher commitment and productivity.23 It is also the case with ESOPs that the new ownership might not be viewed by the firm in the same way as other added compensation because the ownership is financed through loans to buy new capital as company stock, with Federal tax incentives, and the shares are not paid as normal wages and benefits out of company budget reserved for this purpose.

For the purposes of this article, I will use the term «leasehold improvements,» because that's the term used most often in business accounting, record keeping, and taxes.

But in the important area of capital, this would be unlikely to hurt Citi, because international bank capital rules disqualify all but a small portion of the deferred tax asset for regulatory purposes.

For example, if Bitcoin is not a currency, then Bitcoin forwards and Bitcoin swaps that involve the exchange of Bitcoin for another currency will not fall under the statutory definitions of the more lightly regulated foreign exchange forwards or foreign exchange swaps.10 Likewise, retail trading of Bitcoin derivatives will be limited to designated contract markets, rather than subject to the retail foreign exchange dealer regulations.11 Treating Bitcoin as a commodity that is not a currency dovetails with the stances taken by other U.S. regulators such as the Financial Crimes Enforcement Network (FinCEN)(virtual currency does not have all of the attributes of real currency) 12, the Securities and Exchange Commission (Bitcoin investments are investment contracts because Bitcoin is a form of money) 13 and the Internal Revenue Service (treating Bitcoin as property for tax purposes).14

In contrast, if they owned taxable mutual funds or other securities, the heirs would not have to pay taxes on the $ 75,000 in gains because taxable mutual funds enjoy a «stepped - up» basis at death for tax purposes, Trust Point noted.

• the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for US federal income tax purposes, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for US federal income tax purposes, and the Trustee receives notice from the Sponsor that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

Many who took Canada up on the offer bought expensive real estate in Vancouver, parked their families there and paid little or no income tax because they continued to work and, ostensibly, reside overseas (at least for tax purposes).

And if it be responded that Americans give money to charities because it's advantageous to do so for income tax purposes, well, let's be grateful that, in affording full deductibility to charitable giving, the tax code got something right.

Because tax inversion has been a hot topic this year, Burger King's Facebook followers have let them know they will not support the chain if its purpose is to evade paying taxes in the United States.

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.

One is to locate intangible property for tax purposes where the person making the intangible property payment is located rather than where the person who is entitled to receive the intangible property payment is located, because the person making the payment often has less freedom to change their location and is often more closely associated with the production of the income.

Speaking in an interview with a section of the media on Wednesday, Minority spokesperson on Mines and Energy, Adams Mutawakilu said there is no justification for keeping that tax because «the purpose for its introduction is no more needed.

Two Illinois courts of appeals held that Illinois» tax credit for educational expenses is constitutional because it has a clearly secular legislative purpose of ensuring a well - educated citizenry and relieving public expense, has the primary effect of effectuating those purposes, and involves no more government entanglement with religion than many other state tax laws.

That's why, in Utah, the legislature keeps considering tax credit legislation, another form of parental choice, because, strangely enough, you can have tax credits for non-public school purposes under the Utah constitution.

But DOMA reaches beyond just taxes; it impacts everything at the federal level because for all federal purposes, same - sex married couples are considered legal strangers.

If you're non-resident for tax purposes, you're exempt from FICA because you're F1 (not any non-resident may be exempt).

Homeowners insurance premiums usually can not be deducted from a tax return because most people only use their home for personal purposes — they live in it.

Once it is seen that a scheme goes further than is necessary to comply with the transfer balance cap or TRIS reforms commencing, because the scheme involves additional steps unnecessary for that purpose but necessary to obtain the tax benefit via the choice, it will generally follow that the proper inference is that the participants entered into and carried out the scheme to obtain a tax benefit through having put themselves in the position to make the choice.

Because this CYM method is also utilized for other purposes related to tax - exempt bonds, including the treatment of premium and «market discount,» we will calculate the CYM on the above bond to demonstrate how the holder's basis is increased.

But for reporting tax numbers, they simply want the LLC's numbers folded into your personal numbers, because you are the same entity for tax purposes.

The federal government determined that millions in taxes were being drained off each year because of the way investment property sales have been treated for tax purposes.

While this can be considered good for tax purposes it is also a disadvantage because a lot of your money goes to interest only.

Because transfers to an IDGT are completed gifts for Federal estate and gift tax purposes, lifetime transfers to IDGTs consume the donor's gift tax exemption.

The income taxes decrease the grantor's estate, and, because the taxes are on income treated as the grantor's for income tax purposes, they are not treated as gifts for Federal gift tax purposes.

Because the investment income within, and withdrawals from, a TFSA will not be taxable, interest on money borrowed to invest in a TFSA will not be deductible in computing income for tax purposes.

At age 60 with low income an HSA serves little purpose because the tax savings is so marginal and an HDHP is required.

That form shows that for AMT purposes (even though I didn't pay AMT in 2015) I was able to use the full amount of my rental loss because my AMT MAGI was lower than my normal tax MAGI by the amount of my state tax refund.

Most people never get behind on their income taxes, mortgages or car loans because they never see the money earmarked for those purposes.

There is little recent guidance on this issue and it isn't clear that this rule should apply to accounts established under the more modern version of the custodial account law, because UTMA contains language designed to prevent parents from being taxed on custodial account income when the account is used for purposes that fall within the parent's support obligation.

If there are positions you wish to keep because of capital gains exposure, or for tax, sentimental, or any other purposes, DO NOT transfer those positions into your Personalized Portfolio.

You want to use it for estate planning purposes because you're set to owe federal or state estate taxes on your assets

I'm not a huge fan of tax - advantaged accounts because the rules can change on them, and there's already a penalty for you to take out that money for most purposes until you've almost tripled your age.

Not only can you file as a resident — you must file as a resident, because you are a resident alien for tax purposes for all of 2014.

And that is because of loopholes in the tax code for social engineering purposes, but even more for the ability to defer taxation of what should be income.

The purpose of this change in guidance is to allow mortgagors who can reduce their P&I and MIP by 5 percent to do a streamline refinance, even if they have an increase in taxes and insurance, because mortgagors must pay taxes and insurance regardless of whether they refinance.

That's because recent changes allow couples over 65 to split their income from RRIFs, annuities and pensions for tax purposes.

In your case, because you're in a common - law relationship for tax purposes, you must inform CRA of your new relationship when you file your returns.

From a tracking perspective, you should always monitor your returns in Canadian dollars, because you have to for income tax purposes.

Keep a notebook in your car for recording business trips: date, purpose, kilometres driven so the tax man doesn't end up disallowing vehicle deductions because you didn't keep detailed logs.

Because funds operate as pass - through vehicles for tax purposes, investors can end up paying taxes in two annoying circumstances: when they haven't sold a single share of a fund and when the fund is losing money.

The trust could do worse than start here - where the BBC refused to disclose how much US tax it paid, because - you've guessed it - the information is required «for the purposes of journalism».

Indeed, today we are not even considering an actual U.S. carbon tax, which is preferred by almost all academic economists for this purpose, but instead a cap - and - trade system (i.e., emissions rationing) because it is more politically palatable to hide the costs to consumers this way.

For income tax purposes, you are generally considered separated when you start living separate and apart from your spouse because of a breakdown in the relationship for a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependent.

The appeal court determined that it could interfere with this separation contract because it was «well settled» that a contractual provision whose purpose was to perpetrate a fraud on a taxing authority was contrary to public policy.