A direct reduction taken from taxable income for a specific reason, as allowed by the IRS.
Related information about exemption:
- Exemption - Wikipedia, the free encyclopedia
An exemption such as a tax exemption allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation. Exemption may also ...
- Tax exemption - Wikipedia, the free encyclopedia
Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also ...
- exemption - definition of exemption by the Free Online Dictionary ...
ex·emp·tion ( g-z mp sh n). n. 1. The act or an instance of exempting. 2. The state of being exempt; immunity. 3. One that is exempted, especially an amount of ...
- Exemption | Define Exemption at Dictionary.com
the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. 2. the act of exempting.
- Exemption - Merriam-Webster Online
the act of exempting or state of being exempt : immunity. 2. : one that exempts or is exempted; especially : a source or amount of income exempted from taxation ...
- Exemption Requirements - Section 501(c)(3) Organizations
Nov 2, 2012 ... Exemption Requirements - Section 501(c)(3) Organizations. To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, ...
- Where Is My Exemption Application?
Oct 25, 2012 ... Sometimes, representatives of exempt organizations and practitioners question why certain applications for tax exemption are processed faster ...
- Automatic Revocation of Exemption
Section 6033(j) of the Internal Revenue Code automatically revokes the exemption of any organization that fails to satisfy its filing requirement for three ...