tax exemptions
Income legally excluded
Tax exemptions are categories of income, property, or transactions legally excluded from taxation.
Governments grant exemptions for policy reasons—encouraging charitable giving, supporting religious institutions, or relieving financial burden on certain groups.
Nonprofit organizations often qualify for tax exemptions.
The exemption may be partial or complete: Her retirement income is exempt from state tax.
- earned income creditTax benefit for low earners
- havensProtected places of rest
- itemized deductionsSeparately listed taxable expense reductions
- nonprofit statusRecognition as charitable entity
- tax creditsReductions in amount owed
tax break · shelters · standard deduction · 501(c)(3) · tax deductions · income tax · tax incentives · homestead · property tax · estate tax · municipal bonds · clergy · revenue · tax brackets · tax code · child tax credit · tax liability · loopholes
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- US Taxationincome tax, federal tax, tax rates, tax code, IRS
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- church-statechurch-state, separation, church-state separation, establishment clause, religious accommodation
- public financepublic debt, budget deficit, tax revenue, budgets, expenditure
- Tax Policytax reform, tax policy, tax code, tax brackets, tax rates
tax exemptionstaxable income
Earnings subject to taxation
taxable assets · taxable gains · taxable property · gross income · ordinary income
tax exemptionstax liabilities
Money owed to government
tax obligations · tax assessments · tax levies · tax penalties · surtaxes
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Levies on harmful products
luxury taxes · windfall taxes · surtaxes · double taxation · excise taxes