Sentences with phrase «than your income tax liability»

If the credit is more than your income tax liability, 40 percent of it is refundable.

To have a refund, your deductions and credits must total more than your income tax liability.

This means that it can not be more than your income tax liability.

Not exact matches

Here's why: Many people don't realize that they may get socked with a 15 % excise tax as well as income - tax liability if their retirement accounts build so high that they, or their beneficiaries, eventually have to take any distribution that the IRS deems excessively large — more than $ 155,000 in 1996.

Taxpayers owe the AMT when their tax liability is higher as calculated under the AMT than under the regular income tax.

Deductions and exclusions reduce tax liability more for higher - income taxpayers facing higher marginal income tax rates than for lower - income taxpayers in lower rate brackets.

Tax filers who qualified for less than $ 300 of the full basic credit ($ 600 for joint filers) could get $ 300 ($ 600 for joint filers) if they had either (1) at least $ 3,000 in earnings, Social Security benefits, and veteran's payments or (2) net income tax liability of at least $ 1 and gross income above specified thresholTax filers who qualified for less than $ 300 of the full basic credit ($ 600 for joint filers) could get $ 300 ($ 600 for joint filers) if they had either (1) at least $ 3,000 in earnings, Social Security benefits, and veteran's payments or (2) net income tax liability of at least $ 1 and gross income above specified thresholtax liability of at least $ 1 and gross income above specified thresholds.

To avoid a penalty, you can pay 100 percent of your income tax liability from 2017 or 110 percent if you earn more than $ 150,000.

In addition, our future income taxes could fluctuate because of earnings being lower than anticipated in jurisdictions that have lower statutory tax rates and higher than anticipated in jurisdictions that have higher statutory tax rates, by changes in the valuation of our deferred tax assets and liabilities, or by changes in tax laws, regulations, or accounting principles.

And in New Jersey, where local property taxes are a much bigger concern than state income taxes, incoming Democratic governor Phil Murphy and two Democratic congressmen have floated a proposal to create a charitable foundation similar to the one being contemplated for California and New York, but with property - tax purposes targeted and a new state tax credit created against property - tax liability.

The deal will include adjustments to corporate taxes that lead to about $ 10 million in cuts for companies — including exemptions for personal income taxes for people in the state less than 15 days, expanded enterprise zone benefits and a cap on the added liability from mandatory unitary reporting for large corporations.

States could take the tax credit approach a step further by making them fully refundable so that low income families whose tax liability is less than the credit would receive the remainder as a tax refund.

If the allowable tax credit exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, the taxpayer may carry the amount of the claim not used to offset the taxes under this title forward for not more than five consecutive taxable years» income tax liability.

Furthermore, direct debit or a payroll deduction is required when you owe more than $ 50,000 in tax debt if you do not want to disclose income, assets, liabilities, and expenses.

If you are only paying taxes on what you made in VT, than it wouldn't matter what you made in WA, since your tax liability would only be the income you made while living in VT..

Medical expenses can grow to become a significant liability for an individual; the IRS allows tax filers to deduct non-reimbursed medical expenses if they are higher than 7.5 percent your annual income.

Deductions are expenses that can be subtracted from gross income to reduce taxable income; credits reduce tax liability dollar - for - dollar and have a greater impact than deductions; exemptions occur where a tax for a certain item or type of income is reduced or eliminated.

High - income taxpayers may garner a large share of an income tax cut, but the tax system could still end up more progressive if their share of the tax cut is much smaller than their share of overall tax liabilities.

Relying on the percentage change in tax liability makes the tax cut appear to be tilted toward the low - income household even though the legislation provides the high - income household with a percentage increase in after - tax income that is 1,000 times larger than the low - income households, whose change in taxes is miniscule.

The advantage is that the income tax liability created by the Roth IRA conversion would be spread out over more than one year.

A debt which is reduced by more than $ 600 must be reported as income to the IRS which will increase income tax liability.

The exception to the rule are income taxes for which a return was due more than three years prior to filing the bankruptcy case, and for which the return was filed at least two years prior to filing the bankruptcy case, and in which the tax liability has been assessed at least eight months prior to the bankruptcy case.

'' if other income excluding this short - term capital gains is less than basic exemption limit, you will be entitled to take the benefit of such shortfall in the basic exemption limit while calculating your tax liability.

Dear Virendra ji, «If other income excluding this short - term capital gains is less than basic exemption limit, you will be entitled to take the benefit of such shortfall in the basic exemption limit while calculating your tax liability.

Depending on income and current liabilities, with applications of less than 20 % down, our lenders will use a conservative qualifying ratio of 35/42 %, whereby up to 35 % of your income is to be used towards the mortgage payment, heating costs, property taxes and / or strata fee payments.

110 % of your prior - year tax liability if your adjusted gross income (AGI) last year was more than $ 150,000 or $ 75,000 if you and your spouse file separately.

If your income is elastic, or if you think you'll start making more than the limit and have to change investment accounts, a Roth could make it more complicated to juggle tax liabilities in retirement.

The issuer and investors in the IMLP ETNs also agree to treat coupon payments as ordinary income at the time accrued or received, which may result in a higher tax liability than a direct investment in the underlying MLPs.

That being said, they can not reduce your income tax liability to less than zero.

You can avoid an underpayment penalty if withholding or estimated payments equal at least 90 % of your tax liability for the current year, or 100 % of your tax liability for the previous year (or 110 % if your income was more than $ 150,000 for singles and married joint filers).

That means it is usually many years before there are any PRRT payments from new gas wells, but it also means that gas extraction companies pay less income tax than otherwise since the current PRRT rules allow the companies to offset enormous amounts in PRRT «credits» against their income tax liability (see this 2017 article in The Conversation).

The taxpayers argued that it was appropriate to deal with these issues before the hearing, whereas the Crown argued that these issues could not be determined on a Rule 58 motion because, in this case, the facts arose from a plea bargain rather than a determination by a court, the agreed facts did not address the GST liability of the corporation or the other individual's income tax liability, and the facts (and tax liability) of a criminal proceeding would only prohibit the parties from alleging a lower tax liability in a civil proceeding.

That is, if the amount withdrawn is less than Rs 30,000 or your tax liability is nil even after adding the withdrawn sum to income.

If the tax liabilities on investment are lower than the tax amount deducted at the source, NRI's can file for income tax refunds from the income tax department in India.

A refund on taxes when the liability on tax is less than the tax paid by the individual is referred to as Income Tax Rebatax is less than the tax paid by the individual is referred to as Income Tax Rebatax paid by the individual is referred to as Income Tax RebaTax Rebate.

«Many exchanges have net income in 2017 [of more than] $ 1 billion and keep working capital in [bitcoin] / [ethereum], not USD — hence, to meet these tax liabilities, are selling BTC / ETH.»

Many exchanges have net income in 2017 [of more than] $ 1 billion and keep working capital in Bitcoin or Ethereum and not in USD — hence, to meet these tax liabilities, are selling BTC / ETH.

Finally, if your income tax payments are equal to or greater than your prior years» income tax liability paid, you won't have to make estimated tax payments.

Cash Boot Potential: If the equity in the relinquished property is greater than the cash invested in the like - kind replacement property, then the Investor may incur depreciation recapture and capital gain income tax liabilities.

The Low Income Housing Tax Credit, rather than a direct subsidy, encourages investment of private capital in the development of rental housing by providing a credit to offset an investor's federal income tax liabIncome Housing Tax Credit, rather than a direct subsidy, encourages investment of private capital in the development of rental housing by providing a credit to offset an investor's federal income tax liabiliTax Credit, rather than a direct subsidy, encourages investment of private capital in the development of rental housing by providing a credit to offset an investor's federal income tax liabincome tax liabilitax liability.

Do NOT file taxes with a tax liability owing, or with less income than in previous years.

In the case of a failed or partial tax - deferred like - kind exchange transaction, an Investor may be able to defer his capital gain income tax liability into the following income tax year rather than the income tax year in which the relinquished property closed.

You could hire a property manager but the hit to your returns from shaving 8 - 10 % off your top (income) line will be much more substantial than the one from the higher tax liability that started this whole discussion.

In the case of a failed or partial 1031 Exchange transaction, you may be able to defer your capital gain income tax liability into the following income tax year rather than the current income tax year in which the relinquished property was sold (and closed).