Total nontaxable income
includes interest earned on investments in State or local government bonds.
However, he has ruled out introducing a minimum nontaxable income
, as trade unions had demanded.
417 percent) of the payout to shareholders was nontaxable income
The other involved claims that nontaxable income
placed in certain investment funds should be eligible for tax credits - money back for tax it had not paid in the first place.
THE pounds 4,250 limit was chosen because that is the figure which the Government allows as nontaxable income
for homeowners who take in tenants.
Assume the taxpayer had one child and earned income of $8000, including $1000 of nontaxable income
Says Steele, "You can reduce your taxes by converting taxable income into nontaxable income
by investing in tax-free vehicles such as municipal bonds" (see "Tax-free Investing," Moneywise, this issue).
Thus, out-of-state corporations (such as Petitioner Hunt-Wesson) are compelled to reduce their interest deduction by the amount of their nontaxable income
, without regard to whether the interest expense is related to the nontaxable income
Asked if the special income tax cut offered this year by the government would be made a permanent measure, Kato denied such a possibility saying, ''It would institutionalize a (large) amount of nontaxable income
and thus increase unfairness.
The corporate sponsorship provisions, in contrast, open the door for new planning opportunities to broaden the scope of nontaxable income
Some nontaxable income
also qualifies to be included in earned income under EIC: voluntary salary deferrals (401k contributions), military combat pay and basic quarters and subsistence allowances, clergy housing allowances, excludable dependent care benefits, voluntary salary reductions under a cafeteria plan and the value of meals and lodging provided by an employer (for the convenience of the employer).
In 1992, IRS publication 525, Taxable and Nontaxable Income
, took a middle-of-the-road approach, saying that the refund should be multiplied by a fraction: state tax paid (after the 3% reduction) is the numerator and the total state tax paid is the denominator.