What EXEMPTION means: A deduction for taxpayer, spouse, and each dependent that is subtracted from income that would otherwise be taxed. The allowable amount must be reduced if adjusted gross income exceeds a specified amount. See our Exemption Allowance rate table for the current amount.
- Definition Estate:
- Dictionary commonly used for a taxable entity that is established upon the death of a taxpayer. It consists of all the decedent's property and personal effects. The estate exists until the final exemption definition.
- Definition Exclusion:
- Dictionary that is not included in gross income because the Tax Code excludes it. Examples, include gain from a qualified sale of a principal residence, income earned abroad, and gifts and inheritances exemption explain.
- Definition Expensing:
- Dictionary when a taxpayer claims the section 179 expense deduction, defined elsewhere in this glossary, or currently deducts certain other expenditures that would ordinarily be required to be capitalized exemption what is.
- Definition Energy Tax Credit--Business Property:
- Dictionary An energy tax credit allowed for the purchase of certain business-use property utilizing solar, geothermal, or biomass energy. New provisions allow credits for certain coal and gasification projects exemption meaning.
How works Exemption meaning in Tax definitions E .
