Legal Definition tax-exempt adjective 1 : exempted from taxation also : based on such exemption tax-exempt status 2 : providing interest or income that is exempted from taxation a tax-exempt municipal bond More from Merriam-Webster on tax-exempt Nglish: Translation of tax-exempt for...
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Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction....
exemption inTax topic From Longman Dictionary of Contemporary Englishex‧emp‧tion/ɪɡˈzempʃən/●○○noun1[countable]an amount of money that you do not have to paytaxonYou qualify for atax exemptionon the loan.2[countable, uncountable]permissionnot to do or pay something that you...
Examples of Tax Exemptions Tax-exemptions can apply for different taxes, like federal or state. But just because there is a tax exemption under one jurisdiction, doesn’t mean that tax-exempt applies in another. For example, a nonprofit could be exempt from fees like property taxes on building...
Define tax exemption. tax exemption synonyms, tax exemption pronunciation, tax exemption translation, English dictionary definition of tax exemption. tax exemption. Translations. English: tax exemption n esenzione f fiscale. Italian / Italiano: esenzione
Flat Tax Definition A flat tax is a taxation system whereby a uniform tax rate applies to all taxpayers irrespective of their income. Such a tax usually doesn't provide any deduction or exemption to the taxpayers. As both rich and poor are taxed at the same rate under this system, it dra...
Tax Exemption Certificate means the Tax Exemption Certificate approved under the terms of this Resolution and to be executed by the Treasurer and delivered at the time of issuance and delivery of the Notes. Occasion of Tax Non-Compliance means: any tax return of the Supplier submitted to a Rele...
Exempt income refers to certain types of income not subject toincome tax. Some types of income are exempt from federal or state income tax or both. The IRS determines which types of income are exempt from federal income tax and the circumstances for each exemption. States have their own rules...
The annual gift tax exclusion is $18,000 for 2024 and increases to $19,000 for 2025. You can gift up to that amount tax free to as many people as you wish without using up any of your lifetime gift and estate tax exemption.6716 ...