Sentences with phrase «used for income tax purposes»

All financial donations receive a receipt that can be used for income tax purposes.

Not exact matches

EBITDA does not give effect to the cash that we must use to service our debt or pay our income taxes, and thus does reflect the funds actually available for capital expenditures, dividends or various other purposes.

Based on these numbers, the insanely rich aren't using that many loopholes to shield income from taxes, since all the data is based on reported income for tax purposes.

And using offshore accounts or holding companys aren't particularly effective methods for shielding income for tax purposes (since offshore accounts are subject to a whole whack of anti-avoidance rules and holding companys are typically subject to more or less the same tax rate as people in the top marginal tax bracket - the Tax Act has tightened up a lot since the 1960s so there really aren't that many «loopholes»tax purposes (since offshore accounts are subject to a whole whack of anti-avoidance rules and holding companys are typically subject to more or less the same tax rate as people in the top marginal tax bracket - the Tax Act has tightened up a lot since the 1960s so there really aren't that many «loopholes»tax rate as people in the top marginal tax bracket - the Tax Act has tightened up a lot since the 1960s so there really aren't that many «loopholes»tax bracket - the Tax Act has tightened up a lot since the 1960s so there really aren't that many «loopholes»Tax Act has tightened up a lot since the 1960s so there really aren't that many «loopholes»).

For instance, whenever we use credit cards and business banking accounts for personal expenses, it creates a potential issue with the IRS since certain personal expenses are not deductible for income tax purposFor instance, whenever we use credit cards and business banking accounts for personal expenses, it creates a potential issue with the IRS since certain personal expenses are not deductible for income tax purposfor personal expenses, it creates a potential issue with the IRS since certain personal expenses are not deductible for income tax purposfor income tax purposes.

The Harper government had already promised to use the surpluses to allow income splitting for tax purposes for families with children under the age of 18; to extend the fitness tax credit to adults; and, to reduce debt by $ 3 billion a year.

For purposes of calculating the income tax savings we are deemed to realize under the TRAs, we will calculate the U.S. federal income tax savings using the actual applicable U.S. federal income tax rate and will calculate the state and local income tax savings using 5 % for the assumed combined state and local rate, which represents an approximation of our combined state and local income tax rate, net of federal income tax benefFor purposes of calculating the income tax savings we are deemed to realize under the TRAs, we will calculate the U.S. federal income tax savings using the actual applicable U.S. federal income tax rate and will calculate the state and local income tax savings using 5 % for the assumed combined state and local rate, which represents an approximation of our combined state and local income tax rate, net of federal income tax beneffor the assumed combined state and local rate, which represents an approximation of our combined state and local income tax rate, net of federal income tax benefit.

Income which is not shown on tax returns or not yet claimed can not be used for mortgage qualification purposes.

«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.

* HSA contributions, earnings, and distributions used to pay for qualified medical expenses are tax free for federal income tax purposes.

You also have no problem using secular for tax purposes as a «non-profit» so that you don't pay taxes on what is clearly income.

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

Earlier this week, Stephanie Saul of the New York Times launched a full frontal assault on scholarship tax credit (STC) programs, accusing them of failing to help low - income students, draining public schools of needed funding, and of using public money for private purposes.

You may get a valuation done by a qualified valuer under the Income Tax and use it for the purpose of calculating capital gains.

Contributions to health and education savings plans can also reduce taxable income and increase your refund the year made, and, if used for the intended purpose, may be tax - free upon withdrawal.

When 529 funds are used for these qualified purposes, there is no federal income tax on investment gains (no capital gains tax, ordinary income tax, or Medicare surtax).

Division 293 tax uses an adjusted income, based on income for Medicare levy surcharge purposes.

For example, under Section 1231 of the U.S. Internal Revenue Code, the sale at a loss of such assets used in a trade or business, usually gives rise to an ordinary loss for income tax purposFor example, under Section 1231 of the U.S. Internal Revenue Code, the sale at a loss of such assets used in a trade or business, usually gives rise to an ordinary loss for income tax purposfor income tax 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.

The report is designed for forecasting purposes only, please use the Capital Gains Tax Report to calculate your actual (realised) taxable capital gain income for a period.

Income which is not shown on tax returns or not yet claimed can not be used for mortgage qualification purposes.

He has not given a notice of intention to deduct any of these contributions using a Notice of intent to claim or vary a deduction for personal super contributions form (NAT 71121), so they are a tax - free component for income tax purposes.

She has not given a notice of intention to deduct any of these contributions using a Notice of intent to claim or vary a deduction for personal super contributions form (NAT 71121), so they are a tax - free component for income tax purposes.

The specific identification method is used for determining gains or losses for financial statements and income tax purposes.

If you used the standard deduction, then, Yes, the state tax refund that you received in 2016 is not taxable income for Federal income tax purposes, and it is not taxable income for State purposes either.

In other words, unless ROC distributions are reinvested in either the same fund or another investment, the interest on the portion of the borrowed money that relates to those distributions would no longer be tax deductible since the funds are no longer being used for an income - earning purpose.

Fortunately, there are many ways to acquire tax ownership of property that can involve the use of certain business entities or trusts that are disregarded for federal income tax purposes.

Years ago, in a seminal decision, the Supreme Court of Canada summarized the four requirements that must be met for interest expense to be tax deductible: «(1) the amount must be paid in the year...; (2) the amount must be paid pursuant to a legal obligation to pay interest on borrowed money; (3) the borrowed money must be used for the purpose of earning non-exempt income from a business or property; and (4) the amount must be reasonable.»

The interest expense when you borrow money, either through your margin account, an investment loan or a line of credit, and use it for the purpose of earning investment income is generally tax deductible.

Using the IRS definition: You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.

The Canada Revenue Agency reassessed his 2013, 2014 and 2015 tax years to deny a portion of the interest deducted, saying the taxpayer was not entitled to deduct interest relating to the returns of capital that had been used for personal purposes, «as the money borrowed in respect of those returns of capital was no longer being used for the purpose of gaining or producing income.»

Early withdrawal are calculated in another very non-advantageous way using the «last in first out» (LIFO) method which means that income taxes are realized on any early withdrawals until all earnings have been covered (for tax purposes) and the balance is a non-taxable return of premiums paid.

Using capitalization, the estimated income of the particular property is also a variable in the tax formula, contributing to the calculation of assessed value for property tax purposes.

(Though it gets taxed as income if not used for qualified medical purposes at retirement time.)

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college and K - 12 expenses

Contributions made with after - tax funds; earnings excluded from income for federal tax purposes when used for qualified college expenses

For tax purposes, you need to report any business income minus business expenses to the Internal Revenue Service, but there is no rule that mandates which card you use to pay for your expensFor tax purposes, you need to report any business income minus business expenses to the Internal Revenue Service, but there is no rule that mandates which card you use to pay for your expensfor your expenses.

In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 119.5 million and adds back to net income the interest expense, net of tax, on its convertible notes of $ 0.01 million.

Is subchapter S Corporation income used to pay taxes still income for child support purposes if the parent has a controlling interest in the S Corporation?

Is subchapter S Corporation income used to pay taxes still income for child support purposes if the parent does not have a controlling interest in the S Corporation?

The changes included addressing passive income by removing the tax advantage for using a private corporation for investment purposes and clamping down on transforming dividend income into capital gains, which are more lightly taxed.

This is commonly used for Income Tax planning purposes for large estates to minimize the Income Tax paid on the Estate.

Like many states, Rhode Island uses federal taxable income, as determined under the current IRC (but without special deductions allowed under federal law), as the starting point for determining taxable income for purposes of the business corporation tax.

The transfer pricing penalty may not apply where a taxpayer made reasonable efforts (i) to determine arm's length transfer prices or arm's length allocations in respect of the transaction, and (ii) to use those prices or allocations for the purposes of the Income Tax Act.

If used for any other purpose, you may be subject to income taxes, plus an additional 10 percent federal tax penalty on your earnings.2 Keep in mind that you, the 529 plan owner, are the one subject to taxation and any penalties - not your beneficiary.

The death benefit of a whole life insurance policy can be received tax free by the beneficiaries, and for this reason whole life insurance is used for estate planning purposes as well as providing income for beneficiaries after the insured passes away.

The proceeds are paid out free from federal income tax, and the beneficiary can use the money as they see fit, for any purpose they wish.

Our services our often covered by national insurance companies, and you may use our receipts as medical receipts for income tax purposes

Some consumers use their income tax refund from RRSP contributions for this purpose.