tax credit

English - Turkish

Definition of tax credit in English Turkish dictionary
earned income tax credit: Kazanılan gelir vergisi kredi
unilateral tax credit: (Ticaret) tek tan flı mahsup

English - English

Definition of tax credit in English English dictionary: A direct reduction in tax liability (not dependent on the taxpayer's tax bracket); The amount which an ISA manager can reclaim from the Inland Revenue in respect of share dividends received This is 10% of the amount received until April 2004, when it will no longer be available; Although tax is not actually deducted from certain types of income, you may be given a tax credit as if tax had actually been deducted For example, you are given a notional dividend rate tax credit on dividends you receive The dividend you receive being treated as the net amount (after deduction of the tax); Tax credits are subtracted directly from the tax a family owes, rather than reducing taxable income like a tax deduction A family must file a tax return and owe taxes in order to claim these higher education credits available through the Taxpayer Relief Act of 1997; A dollar-for-dollar reduction in the amount of tax that is due A tax credit is more valuable than a tax deduction of the same amount; Incentives to invest in a development that reduce liability for taxes that otherwise would be incurred; Under some health care reform proposals people with moderate to low-incomes would be given a tax credit to help them buy health insurance in the private market It could be refundable and it could vary according to age, health status or income; As in the Federal Hope and Lifetime Learning Tax Credits, means a credit against a tax liability The tax filer is able to subtract the amount of credit from tax liability The tax filer must have tax liability to receive the Hope or Lifetime credit (this is what is meant by a "nonrefundable" credit); A reduction in the amount of taxed owed For example, corporations are permitted a credit on U S taxes for taxes paid to foreign governments A tax credit is more valuable than a deduction of an equal amount because the credit results in a reduction in tax owed rather than a reduction in taxable income; A dollar-for-dollar reduction in tax liability Term Life Insurance A life insurance contract that is written for a specified period of time and that provides only a death benefit Premiums increase or the death benefit decreases as a direct result of the insured's increase in age (mortality); An income tax credit that directly reduces the amount of income tax paid by offsetting other income tax liabilities Tax deduction: A reduction of total income before the amount of income tax payable is calculated Technical analysis: A method of evaluating future security prices and market directions based on statistical analysis of variables such as trading volume, price changes, etc , to identify patterns; introduced in France to avoid double taxation of the company and the shareholder It corresponds to half of the net dividend paid by the company; A tax credit is subtracted from the amount of taxes you or your family owes It differs from a tax deduction which is subtracted from your taxable income; An income tax credit that directly reduces the amount of income tax paid by offsetting other income tax liabilities; A tax deduction reduces tax liability by the percentage of the marginal tax bracket for the taxpayer, while a tax credit reduces the taxable amount due dollar-for-dollar In many cases, tax credits offer incentive to support social change (e g , renovation of historical property, jobs for the disadvantaged, research and development, and constructing low-income housing); lowering of the amount of tax that must be paid; A direct dollar-for-dollar reduction in tax allowed for expenses such as child care and R&D for building low-income housing Compare tax deduction; Short for the low-income housing Tax Credit program (LIHTC) or IRS Section 42 This program gives investors the opportunity to gain tax credits for investing in multifamily housing for low- to moderate-income households meeting certain income restrictions This designation does not refer to the historic Tax Credit program (see historic tax credit); A tax credit is an amount of money on which you do not have to pay tax; An amount by which tax owed is reduced directly; – An income tax credit that directly reduces the amount of income tax paid by offsetting other income tax liabilities; a reduction against income tax payments that would otherwise be due Contrast with tax deductions that reduce taxable income; Is a sum of money that is paid to those in financial need as a bursary- i e it need not be paid back Working Families Tax Credit is paid by the glossary('Inland Revenue','Inland Revenue',5) to help working families manage better The amount paid depends on the families' situation; Credits offered by various levels of government to induce affordable housing and business expansions and job creation and retention Tax credits come in four (4) major forms: investment tax credits for business; job creation/retention and training incentives for hiring disadvantaged persons; historic preservation tax credits; and low-income housing tax credits Tax credits reduce the tax liability of the investors contributing to projects and may also be sold to investors in return for up-front equity investment; An amount that may be applied directly to reduce a tax liability, as in the case of the unified credit against estate taxes and the unified credit against gift taxes; Tax credits reduce taxes payable to the same extent for all taxpayers, regardless of their income level and marginal tax rate Deductions from taxable income, however, are more valuable as your income and tax rate increases; A credit that reduces, dollar for dollar, the amount the taxpayer must pay in taxes, so that the government, in effect, is funding part of a tax-favored expenditure
tax credits: monetary incentives provided for taking particular actions in the form of a reduction of required taxes
tax credits: A form of indirect public financing used in Minnesota, Oregon, and Washington, D C , meant to encourage small individual campaign contributions and, in some cases, compliance with voluntary spending limits For example, Oregon offers a tax credit, in the form a refund, of up to $50 for contributions made to political parties, groups supporting or opposing ballot measures, and candidates who comply with voluntary spending limits
tax credits: – A credit is an amount the IRS allows you to deduct directly from the tax calculated on your taxable income It is a dollar for dollar reduction of your taxes Some of the credits include the earned income credit, child and dependent care credit, child tax credit, education credits, and credit for the elderly or disabled Credits can be nonrefundable (cannot reduce your tax liability below zero), or refundable (can reduce your liability below zero, entitling you to money back from the government) Back to Top
tax credits: The amount of reduction in tax obligations that is allowed for expenditures for certain purposes approved in the tax laws