Sentences with phrase «tax purposes if»

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.

Interest earned on EE bonds with January 1, 1990, and later issue dates may qualify for exclusion from income for Federal income tax purposes if the owner pays his or her tuition and required fees or those of his or her spouse or legally dependent children at colleges, universities, and qualified technical schools during the year eligible bonds are redeemed.

When you sell, at a loss, a security of any sort that would be treated as a capital item, the loss will be disallowed for tax purposes if you purchased substantially the same security within 30 days before or after the sale:

Your full IRA contributions can always be deducted from your income for tax purposes if you are not covered by a retirement plan at work.

Be unmarried or «considered unmarried» on the last day of the year (people whose divorce is not finalized at the end of the year can be «considered unmarried» for tax purposes if their spouse did not live with them for the last 6 months of the year).

Under the rules pertaining to the substantial presence test, your spouse is considered a U.S. resident alien for tax purposes if your spouse is physically present in the United States on at least: 1.

Contributions, investment earnings, and distributions are tax free for federal tax purposes if used to pay for qualified medical expenses, and may or may not be subject to state taxation.

A recreational vehicle or boat can quality as a «second residence» for tax purposes if it has a kitchen, sleeping quarters and bathroom.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

Not exact matches

If you converted a traditional IRA to a Roth IRA last year and need to undo it for tax purposes, October 15 is the absolute deadline to «recharacterize» the Roth account.

But if you then leave those securities to your heirs, their cost basis for tax purposes will be «stepped up» as of the date of your death, and your capital gains liability simply evaporates.

Independent economists say it's a mystifying piece of tax policy that has no clear, long - term economic purpose and few — if any — recent comparable examples.

This paperwork serves another purpose if you're not repaid: your tax return.

Having an updated business valuation is a great asset if ever approached by buyers, brokers, or DSOs, as well as for family, tax, succession and estate planning purposes.

You can snag some great deals by taking advantage of credit card rewards, other loyalty programs, and deducting your trip from your taxes if your travel is for business purposes.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a person treated as a partner generally will depend on the status of the partner and the activities of the partnership.

If such a sale or disposition takes place in the year in which the participant exercises the option, the income recognized upon the sale or disposition of the shares will not be considered income for alternative minimum tax purposes.

If you can demonstrate to the IRS that at least a portion of your home — whether you're a homeowner or renter — is used exclusively for business purposes, you're allowed to take a tax deduction for certain home expenses.

The CRA will ignore an individual's designation as an independent contractor if there are indications that the individual is actually an employee in terms of tax purposes.

I would personally recommend you reduce equity exposure to 60 % total if and when there is a correction in the bond market, specifically muni bonds for tax purposes based on your income.

Under REPAYE, a spouse's income is almost always counted for income calculation purposes along with the borrower's, even if their tax returns are filed separately.

If we pay distributions on our common stock, those distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

However, if we do make distributions on our Class A common stock, those payments will constitute dividends for U.S. tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

If the IRA contribution is deductible, the end result will be a contribution to an IRA that produces a tax deduction, followed by a Roth conversion that causes the income in the IRA to be recognized for tax purposes.

@Vince If you are French resident for tax purposes, I would have thought you would be liable for French income tax on all investment income, including dividends from UK investments.

If that day falls on a weekend or holiday, payments will be issued on the last business day of the previous month (except January when, for tax purposes, the payment must be issued on the first business day of the month).

Conversely, if the value of their bitcoin decreases they can write off the losses when accounting for them tax purposes.

So even if you were single all year and you married on December 30, you would be considered married the entire year for tax purposes.

In addition, NFPs are in danger of losing their tax - exempt status if they are too financially successful and their accumulated profits go beyond what the CRA believes is required to operate the NFP or if such accumulated profits are for the purpose of funding future capital projects.

The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund's value.

«If you use the money for purposes other than education, you are taxed regular income taxes on any gains plus a 10 % penalty,» notes Benedict.

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

For tax purposes, virtual currencies are treated as capital assets or income depending on whether the virtual currency was held for investment purposes, or if the virtual currency was received as a form of compensation (e.g., if the donor is a miner or received compensation in the form of virtual currency).

If your company has claimed that (excess) expense for tax purposes, good luck in withstanding a clean audit should that happen.

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.

He said California law allows nonprofits to avoid property taxes if they are using their property exclusively for non profit purposes.

That was the dilemma after praying and seeking the Lord he shows me a couple of things one is God calls the shots not satan satans demons bow to Gods authority and must get his permission so they beg Jesus to send the demons into the pigs.Jesus allows it so we can see satans purpose is always to destroy life.God is still the same yesterday today and forever he is the giver of life.We do know that the pigs were owned by the gentile nations and may well have been offered or about to be offered to there gods which would mean they would belong to satan.Like the example Jesus said about taxes should he pay them and he said give to caesar what is caesars.Or the other option was that it showed Gods mercy to the man that had been healed by delivering him of the demons and he was also protecting the people in the area from the influence of the demons.So God is still the same he is unchangeable and definitely not bipolar.I would say if anyone was bipolar in this situation it is David and he like us struggled with the same choice to walk according to the flesh or walk according to the spirit of God.brentnz

Jesus did not cut taxes, and if you ever cracked open a bible in your life you would know he defended the tax collectors O, if you had a shred of honesty, more likely, you could admit that Jesus purpose on earth was not to cut taxes, but your perpetual state of hypocrisy forbids that.

If we can garnish wages for tax purposes, we can do it for children.

Further, if I do not resist when Caesar comes to confiscate that money for tax purposes, that certainly is not to be interpreted as a show of my personal approval and support of the purposes for which Caesar uses the money.

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.

If you are employed by a congregation for a salary, you are generally a common - law employee and income from the exercise of your ministry is considered wages for income tax purposes.

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.

It was the Red Sox signaling that they had their first baseman, not just for 2018, but also for 2019 if necessary, and that filling that hole with someone cost - effective for luxury tax purposes was important to them.

If the developer pays the taxes within six months, the village's mayor said the village may acquire other land in the same area for the same purpose: recreation.

U.S tax laws regulating which parent may claim a child as a dependent, and what happens if couples can't agree on who will claim the children as exemptions for income tax purposes.

In libertarian states the army (or security agency) would be paid with taxes (if we accept taxes for some purposes) or voluntary fee (if not).

«So if you want to contribute to a school, a public school specifically, or a not - for - profit that supports a government purpose... you get a tax deduction,» the official said.

Specifically, there is: A new and burdensome requirement on self - employed people to report their transactions monthly, within only seven days of their month end, if they might be eligible for universal credit, and to do so using a different method of calculating their earnings than is used for tax purposes.

While land is pooled, the landowner is taxed as if the land is in direct ownership so for income tax purposes, rents are taxed in the hands of the landowner.