Exemption


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Related to Exemption: Tax exemption

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 ?
Minister McHugh said: An overhaul of the system for granting exemptions from the study of Irish is long overdue.
State law currently requires seniors to reapply annually for both the senior exemption and senior freeze to cut down on fraud.
The cost of exemption on the import of products under Eighth schedule stood at Rs156bn this year as against Rs19.3bn last year higher by Rs136.7bn.
Applicability of VAT exemption. The exemption applies to purchases made by the DoD or industry partners so long as appropriate authority and documentation support them.
Generally, a married couple is entitled to only one homestead exemption. (11) However, a married couple may establish separate permanent residences and qualify for a homestead exemption without showing impelling reasons or just ground for doing so if it is determined that separate permanent residences and separate family units were established.
'Our attention has been drawn to the issue of the alleged forgery of an NYSC Exemption Certificate by the Honourable Minister of Finance, Mrs.
The purpose of the article is to present the excise duty exemptions in Poland, as well as to assess the fiscal consequences of their application.
In the meeting, the lawmakers belonging to the seven districts of Malakand Division or Pata expressed their concerns over the cessation of the tax exemption.
* Substantial exemption: Kansas, Maryland, Ohio and Virginia offer the most favorable rules, exempting most B2B transactions and property types.
Judge Mohammad Bashir inquired if this exemption has been sought for today.
On top of that, income derived from port operations by the China Overseas Ports Holding Company Limited, the China Overseas Ports Holding Company Pakistan (Private) Limited, the Gwadar International Terminal Limited, the Gwadar Marine Services Limited and the Gwadar Free Zone Company Limited has been granted exemption from income tax for 23 years, with effect from Feb 6, 2007.
These requirements must not be overlooked, lest the franchisor finds itself unable to claim the exemption. Utilization of a traditional franchise program eliminates these risks entirely.