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Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
Exemption may refer to: . Tax exemption, which allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation; Exemption (Catholic canon law), an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
For most entrepreneurs, taxes are a regular part of running a business. However, certain types of organizations can qualify as tax-exempt, meaning they are not subject to federal income taxes.
Being exempt from federal withholding means your employer will not withhold federal income tax from your paycheck. When you claim certain deductions, they get subtracted from your annual gross income.
The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse.
A religious exemption is a legal privilege that exempts members of a certain religion from a law, regulation, or requirement. Religious exemptions are often justified as a protection of religious freedom, and proponents of religious exemptions argue that complying with a law against one's faith is a greater harm than complying against a law that one otherwise disagrees with due to a fear of ...
Homestead exemptions are only available on an individual's primary home. Therefore, this exemption does not apply to businesses, rental property, second homes, homeowners claiming permanent residency-based exemptions or tax credits in other states, or homes with owners that do not claim Florida as their primary residence.