If an organization receives tax-exempt status it's not required to pay federal income tax, but is required to maintain accurate records to keep its status. Donations you make to these organizations usually entitle you to claim acharitable contributiondeduction on your tax return if youitemizeyour ...
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all organizations that qualify for tax-exempt status are classified as private foundations. Private foundations typically have a single major source of funding which generally comes from gifts from one family or corporation. Most nonprofit organizations make grants to other charities and to individuals...
Social Security tax: Funds benefits for retirement, dependents of retired workers, and the disabled and their dependents. Medicare tax: Funds medical benefits for people age 65 and older, the disabled, and individuals with qualifying health conditions. Social Security and Medicare tax have differen...
to determine how much is income tax — like their marital status, whether additional withholding should be made to cover certain personal taxes, and whether they may be entitled to deductions that would reduce their income taxes (e.g., claiming dependents may make them eligible for ...
While not as tax-advantageous, there are several post-tax deductions employees can voluntarily choose. The most common types are for: Life insurance policies for supplemental coverages or dependents ROTH 401(k) savings Job expenses, such as for uniforms or union dues ...
Are dental crowns tax deductible? YouCan Deduct Only If You Itemize You maybe able to deduct dental care expenses you paid last year for yourself, your spouse, and your dependents if you are eligible to itemize your deductions for a taxable year. This means you can't deduct dental/medical ...
Certain types of gifts are exempt from gift tax. Qualified Transfers:Payments made directly to a qualified academic institution or medical care provider on behalf of the donee escape any gift tax. Payments for Support:Legal obligations for children or other dependents may be exempt from gift tax....
Your spouse would qualify if they're incapable of self-care because they're disabled, but you must have lived together for at least six months out of the tax year to claim the credit under this rule. The same six-month rule applies to other adult disabled dependents as well. ...
Answer to: Income tax payments are an example of ___. a. implicit costs b. explicit costs c. normal return on investment d. shareholder wealth...