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Income Tax Exemptions

Income Tax Exemptions can be a complex situation for many individuals who are not well aware of the many different exemptions they can qualify for. When filing a tax return many individual ends up paying more to the IRS that what is required because they are not well informed about the tax exemptions they can receive.

What is an income tax exemptions?

Income tax exemptions are a reduction of one’s income that is subject to tax. An expense incurred to produce income is just one example of an income tax exemption. These deductions may have limitations or conditions. Questions about personal income tax exemptions have been answered below by the Experts.

How do churches and other religious organizations obtain recognition for income tax exemptions?

Churches and other religious organizations are automatically exempt from income tax once they meet the requirements of section 501(c) (3). The Church may receive a determination letter recognizing its exempt status by filing Form 1023 but this is not necessary to qualify for federal income tax exemption.

Also, charitable contribution deductions to churches that have not filed Form 1023 or have not been recognized by the IRS as tax exempt, may be allowed for the taxpayer in the year the donation was made.

Which are the employment taxes that Section 125 Cafeteria Plan Contributions qualify for exemption from?

Deductions from your income towards contributions to Section 125 Cafeteria Plan could qualify for exemptions from federal income tax, social security, medicare and federal unemployment. For more information, visit page 2 of the IRS Publication 15B

What is the amount of income tax exemption per person when filing income tax returns in the State of Virginia?

The amount of exemption would depend on how one is filing their income tax. Marital status along with filing status and the number of dependents one claims are all factors that make a difference to the tax exemption. For example: The formula listed below was used on a 2011 state income tax return to calculate the income tax exemption for a married person filing separately with one additional dependent. Exemption Allowance = >$930< x Number of Personal Exemptions.

Is a person residing in NC and whose income is generated from disability military retirement, disability through social security and monthly retirement through the American Legion National exempt from NC state income tax?

law requires that all income filed as taxable income on your federal tax report has to be included as taxable income on your state tax file. In most cases, if an individual’s federal taxable income also includes social security benefits, the individual is required to report that income as a taxable amount on page 3 of their Form D-400 line 43.

It is important to know what you could claim as a tax exemption when filing your return. While the questions above may have clarified some of your doubts on tax exemptions, there could be other queries that are specific to your own case. In situations like this, it helps to discuss things with a professional. Put your queries to Experts on JustAnswer for quick insights and information to help your case.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
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Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Income Tax Exemption Questions

  • my wife sold her mother's house in 2013 which her mother retained

    my wife sold her mother's house in 2013 which her mother retained a life estate. Her mother is still alive, but the proceeds were directed to my wife. How will the basis be calculated for determining capital gains?
  • I went through a deed in lieu of foreclosure in 2013. I have

    I went through a deed in lieu of foreclosure in 2013. I have evidence that the deed in lieu was approved in October 2013, but the lender says that the final approval was in January 2014. The lender also said that they will send the 1099-C in any time frame from 1 to 3 years from now.

    The IRS subsequently told me on the phone that I may not claim the canceled debt until I receive my 1099-C for whatever year the form is sent...whenever that might be. My question is: in what year should I claim this income? Is the IRS telling me the truth?...obviously 2013 is the desired year since legislation allows the income tax exemption for primary residences.
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    Can a child who receives state medical assistance be claimed as income tax exemption by the father?
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