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An undue hardship is an American legal term referring to special or specified circumstances that partially or fully exempt a person or organization from performance of a legal obligation so as to avoid an unreasonable or disproportionate burden or obstacle.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...
Rhode Island allows exemptions that vary by town or city among those towns that offer exemptions. Texas allows a deduction, with additional exemptions available for county taxes, people over 65 and people who are disabled. It also requires school districts to offer a $25,000 exemption (but not other taxing districts, such as cities and counties ...
Homestead exemptions are only available on an individual's primary home. Therefore, this exemption does not apply to businesses, rental property, second homes, homeowners claiming permanent residency-based exemptions or tax credits in other states, or homes with owners that do not claim Florida as their primary residence.
Additional amounts are available for persons who are blind and/or are at least 65 years of age. [4] The standard deduction is distinct from the personal exemption, which was set to $0 by the Tax Cuts and Jobs Act of 2017 for tax years 2018–2025. [5]
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
Exemption may refer to: . Tax exemption, which allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation; Exemption (Catholic canon law), an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank