Tax Exemptions

[...] do I get one? What is a Tax Exemption? Being exempt from something means you don’t have to have anything to do with it.  For example, [...]

[...] else’s tax return.  It’s a freebie from the IRS. How do I Claim the Personal Tax Exemption? If you’re using tax preparation software then you can hardly miss this one.  The software [...]

[...] your circle of friends to be the New Church of You, find out what qualifies for the religious tax exemption and what doesn’t. What Qualifies for the Religious Tax Exemption? The church or religious [...]

[...] at five million dollars. And to add icing to the cake, they also decreed that the estate tax exemption amount would also increase annually for inflation.  That’s why even the first year of the new [...]

[...] gift tax on it. The post How to Give Away Thousands Without Paying Taxes appeared first on Tax Exemptions. [...]

[...] IRS Gives You Pass on the AMT if You Don’t Claim Many Adjustments to AGI appeared first on Tax Exemptions. [...]

[...] .  Hope this helps! The post Understanding the Lifetime Gift Tax Exemption appeared first on Tax Exemptions. [...]

[...] Ideally, your gift amount falls below the gift tax exemption amount.  But more on this later. Tax exemptions for religious organizations.  This is harder to come by since you need to be a recognized [...]

[...] When you die, the IRS gets you one last time with what’s known as the Estate Tax.  For most of your life you’ve paid income tax, Social Security tax, Medicare tax, and taxes at [...]

[...] 2013 it’s $5,250,000.  You can give away $5.25 million before you get hit with an estate tax from Uncle Sam.  That’s called the estate tax exemption amount. How are the Gift Tax Exemption [...]

[...] on it.  The gift tax is a definite deterrent to wealthy taxpayers who want to avoid the estate tax: give it all away before you die so nobody pays taxes on it after you’re gone. But the [...]

[...] at five million dollars. And to add icing to the cake, they also decreed that the estate tax exemption amount would also increase annually for inflation.  That’s why even the first year of the new [...]

[...] before you get hit with an estate tax from Uncle Sam.  That’s called the estate tax exemption amount. How are the Gift Tax Exemption and the Estate Tax Exemption Related? The [...]

[...] with permanent rules regarding estate taxes, gift taxes, and the ever-confusing lifetime gift tax exemption.  Rules have been set into permanency by Congress, including indexing both types of [...]

[...] true to you, but if you want to give away lots of money the IRS is here to help with the gift tax exemption. First of All, What’s a Gift Anyway? In the eyes of the IRS, a gift is something of value [...]

[...] can also find out more about exemptions with Publication 501. Other types of exemptions: gift tax exemption, property tax exemption, estate tax exemption for example.  These would be situations where [...]

[...] your circle of friends to be the New Church of You, find out what qualifies for the religious tax exemption and what doesn’t. What Qualifies for the Religious Tax Exemption? The church or religious [...]

[...] someone else’s tax return.  It’s a freebie from the IRS. How do I Claim the Personal Tax Exemption? If you’re using tax preparation software then you can hardly miss this one.  The [...]

[...] at the other types of tax exemptions. Types of Tax Exemptions The Personal Tax Exemption.  Already mentioned this one: you get it automatically.  You can also take one for your [...]

[...] investment interest depletion net operating loss deduction research costs Then, if your new taxable income under the AMT system, after adding in those deductions and adjustments listed above plus a [...]

[...] .  In the case of federal income taxes with the IRS, tax exemptions will reduce your taxable income.  That means lower tax bill or greater refund, whichever case you may be. How Do I [...]

[...] is a tax deduction.  That means the amount of the exemption is subtracted from your taxable income.  That’s nice, but not as nice as a tax credit where the amount of the credit is [...]

[...] , then that income will be taxed.  Selling advertising on the Church newsletter would produce taxable income, for example. The post Does Your Group Qualify for the Religious Tax Exemption? appeared [...]

[...] nobody else could afford, which made it all the more aggravating for everyone. The Alternative Minimum Tax Exemption: Sticking to the Original Concept of the AMT So, the AMT was invented to strip away [...]