tax exemption
Legal levy exclusion
A tax exemption is a reduction or elimination of tax liability for certain income, property, or transactions.
Governments grant exemptions to encourage particular behaviors or protect certain groups: nonprofits receive tax exemptions, and homeowners may claim exemptions on primary residences.
The charity applied for tax-exempt status.
Distinguished from a tax deduction, which merely reduces taxable income rather than eliminating tax entirely.
- tax creditDirect reduction of liability
- tax breakReduction in owed amount
- 501(c)(3)Nonprofit tax classification
- nonprofitOrganization serving public good
- charitable givingDonating to help others
deduction · relief · property tax · dependent · filing status · charity · church and state · rebate · clergy · tax code · privilege · estate tax · gift tax · exclusion · tax shelter · tax loophole · endowment · inheritance tax
- duty-free shoppingduty-free, customs, declaration, refund, receipt
- taxationtax, income tax, sales tax, tax return, tax refund
- church-statechurch-state, separation, church-state separation, establishment clause, religious accommodation
- exemptions
- income taxtax return, tax brackets, tax rates, tax bracket, tax rate
- noble privilegespeerage, titles, lordship, fiefdom, manorial rights
tax exemptiontax liability
Money owed to government
tax obligation · taxability · tax burden · taxable income · tax assessment
tax exemptiontax levy
Compulsory government collection
tax increase · taxation · tax hike · tax penalty · surtax
excise, taxes, exempt, taxation, exemption, taxable, untaxed, taxman, exempting