Exemption

(redirected from exemptions)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.
Related to exemptions: Personal Exemptions, Tax Exemptions

Exemption

Direct reductions from gross income allowed by the IRS.

Tax Exempt

Describing income or organization that is not subject to taxation. Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.

exemption

An annual deduction permitted a taxpayer and each dependent for use in computing taxable income. An extra exemption is allowed for being blind or for being 65 years of age or older. The size of the annual exemption is altered each year according to the level of inflation. Also called personal exemption.

Exemption.

An exemption is a fixed dollar amount that you can subtract from your adjusted gross income to reduce your taxable income. The per-person exemption amount is set by Congress each year, and typically increases from year to year.

If you're over 65 or blind, you qualify for an additional exemption. Taxpayers whose adjusted gross income is higher than the government limit may not qualify for an exemption.

Exemption

A deduction for taxpayer, spouse, and each dependent that is subtracted from income that would otherwise be taxed. The allowable amount must be reduced if adjusted gross income exceeds a specified amount. See our Exemption Allowance rate table for the current amount.
References in periodicals archive ?
However, FBR member Dr Mohammad Iqbal maintained that the bureau fulfilled all procedural requirements before issuing a notification to put the exemptions into effect.
But because it is impossible not to have exemptions, Lacson said he seeks to remove 78 lines of exemptions under the current tax scheme.
So, it's helpful to build a risk profile to determine what positions the company wants to take and then be consistent with how the exemptions are applied each year.
Similarly, customs duty exemptions were also allowed on imports to the concession holder and its operating companies for the construction, operations and development of Gwadar port and all port-related businesses established in Gwadar Free Zone.
If a franchisor determines that its prospective franchisees are likely to meet the criteria for one or more exemptions on a regular basis, it should develop a process for qualifying franchisees and the basis for the exemption.
The approved exemptions cover 38 different types of business operations, with aerial photography receiving the most approvals with 2,557.
That means many families who received exemptions now must reapply, as all nonmedical exemptions signed before March 1, 2014, are no longer valid.
24) As such, the Florida Supreme Court effectively excluded those advantages that are incidental to home ownership--such as equity, tax exemptions, and physical possession --from the definition of "benefits" in [section]222.
States with limited B2B exemptions exempt some, but not all, types of property from escheatment.
She said that some of the new exemptions are almost identical to exemptions in the old system, while some are similar but have different limits and conditions, and others are completely new.
A new system for waste exemptions was introduced in 2010 and all existing exemptions must be transferred by September 30.
The Pension Protection Act of 2006 (PPA) added seven statutory exemptions to ERISA.