Tax-Exempt Income(redirected from Tax-Free Incomes)
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Income that is not subject to taxation. Additionally, certain income an individual or corporation derives may be tax exempt, even though the individual or corporation would owe taxes otherwise. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.
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Income that by law is not subject to income tax.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary