Exemption

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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 ?
Students will be granted an exemption from the study of Irish only in rare and exceptional circumstances.
The senior exemption reduces the assessed value of a home by $8,000.
The increase in tax exemptions comes in spite of three rounds of SRO removals carried out by the PML-N government that ran from 2013-16.
The overall income tax exemptions have swelled to Rs141.6 billion during FY2019 from Rs61.8 billion of the previous fiscal year, an increase of Rs79.8 billion.
As against Rs61.8 billion worth of income tax exemptions given in the last fiscal year, the cost of income tax exemptions this year has been estimated at Rs141.6 billion, according to the survey.
Clients want to move to Florida and keep their residency-based property tax exemption afforded in their prior state of residence.
2) exemptions of a social nature--pursue social goals, e.g.
Documents show that the government sustained losses worth Rs198.15 billion in form of exemptions in customs duty.
Lacson said neighboring countries have a minimal number of VAT exemptions: Indonesia has 37, Thailand has 35, Vietnam has 25, and Malaysia has 14.
* Do exemptions apply for the holder's specific business type--telecommunications, financial, or health care, for example?
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.
While Starbucks' entire franchise sales program is based on exemptions, other franchisors, such as those in the hotel and restaurant industries, might find exemptions useful on a case by case basis, even if they do maintain FDDs.