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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.
Tax collection is a necessary part of funding various government programs and services, but there are legal ways to avoid it. Some types of businesses and other organizations are tax-exempt, for...
Continue reading → The post What It Means to Be Tax Exempt appeared first on SmartAsset Blog. You could, however, get out of paying income tax if you're deemed tax-exempt by the Internal Revenue ...
Below, we’ll break down what it means to be tax-exempt and how you can apply. What is a tax-exempt organization? A tax-exempt organization is a business entity that does not have to pay federal ...
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. The personal ...
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...