What are Tax Exemptions? Tax exemption is a process that allows taxpayers to exclude all or some of their income from federal and state taxes. While this may sound similar to the tax deduction, the two are different. There is a relationship between tax exemptions and tax deductions, but they...
State and Local Tax Exemptions Taxpayers can also claim state and local tax exemptions, in addition to their federal tax exemptions. Definitions vary widely, but in general, your home business or small business may be tax exempt if you live in a low-income area (the local government may gran...
Key Takeaways The casualty loss deduction is a tax break available to taxpayers who suffer financial losses due to unexpected events such as natural disasters, car accidents, and vandalism. To qualify for a tax deduction, the loss must result from an identifiable event that is sudden, unexpecte...
Tax exemptions come in many forms, but one thing they all have in common is they either reduce or entirely eliminate your obligation to pay tax. Most taxpayers are entitled to an exemption on their tax return that reduces your tax bill in the same way a
those working for the fire or police department are also afforded jury duty exemptions. Due to the possibility of a conflict of interest and the importance of other jobs in the government, certain officials who work for local, state, or federal government entities are also not required to sit...
Most recently, the US Trade Representative issued a notice in March 2022, extending tariff exemptions on a total of 352 products that had expired in 2019 and 2020. In this article, we explain what tariffs are currently in place, including retaliatory tariffs by China on US products, and p...
This is what FedNow is all about. Not immediately, of course. But piece-by-piece. Just as the income tax was only paid – at first – by the “rich.” Who of course didn’t pay it, being rich enough to pay politicians to enact exemptions and “write-offs” so as to ameliorate th...
Homestead Exemptions by State Some homestead exemptions are based on a flat reduction of all of the taxable value of your home. A percentage calculates other homestead property tax exemptions. Lower-valued homes receive a larger reduction using the first method. The latter is a better choice for...
Abatements are special exemptions intended to reduce the tax burden of certain economic activities, generally related to housing and construction. By reducing the price tag of building new housing, local governments seek to make housing more affordable for their population....
Making things worse are state laws that make it too easy to opt out of what are supposed to be required vaccines for all children entering kindergarten. Seventeen states allow parents to get an exemption, sometimes just by signing a paper saying they personally object to a vaccine. ...