Search results
Results from the WOW.Com Content Network
Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In ...
However, certain types of organizations can qualify as tax-exempt, meaning they are not subject to federal income taxes. Securing this status involves meeting and maintaining certain qualifications.
All states exempt from sales or use tax purchases of goods made for resale in the same form. [27] In many states, resale includes rental of the purchased property. Where the purchased property is not exactly the property resold, the purchase may be taxable. Further, use of the property before sale may defeat the resale exemption. [28]
Tax Exempt vs. Tax Exemption vs. Exempt Employee Tax-exempt means income is not subject to taxation. A tax exemption , on the other hand, is a provision in the tax code that allows you to remove ...
The use tax, like the sales tax, is assessed upon the end consumer of the tangible property or service, but the difference is who calculates the tax and how it is accounted for. The sales tax is collected by the seller, who is acting as an agent of the state and thus remits the tax to the state on behalf of the end consumer.
Tax-exempt and tax-deferred are similar things — but are not the same. Tax-deferred income is not taxed in the year you earn it — but rather deferred until later.
Search. Appearance. Donate; Create account; Log in; ... Tax-free may refer to: Duty-free shop; Tax-free shopping; Tax exemption
Internet sales tax is a hot button in many state legislatures that are attempting to find ways to balance recession-depleted budgets by raking in the sales tax revenue. At the center of this is ...