tax-free allowance
Income without levy
A tax-free allowance is the portion of income or assets exempt from taxation.
Most countries set a threshold below which earnings aren't taxed: The personal tax-free allowance rose to £12,570.
Similar allowances exist for gifts, inheritance, and capital gains.
Also called a tax exemption or personal allowance.
- exemptionRelease from requirement
- income tax lawStatutes governing earnings levies
- tax yearAnnual accounting period
- tax returnIncome declaration to government
- disposable incomeEarnings minus essential costs
rebate · savings account · rainy day fund · deduction · tax relief · threshold · budgeting · financial literacy · tax treaty · retirement planning · nest egg · tax bracket · take-home pay · filing status · inheritance tax · capital gains · tax credit · estate planning
- Irish taxUSC, tax rates, standard rate, higher rate, tax credits
tax-free allowancetax liability
Money owed to government
tax burden · tax bill · tax obligation · tax assessment · tax levy
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