Tax liability Sentence Examples

tax liability
  • If the funds had passed to the estate of the divorced spouse, the ultimate inheritance tax liability could have been 40 per cent.

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  • It has advantages in the absence of stamp duty, stockbrokers ' commissions and capital gains tax liability.

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  • The tax liability is calculated by offsetting the property related expenses against the rental income.

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  • Be sure you set aside enough money to pay this added tax liability.

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  • This could potentially subject the cardholder to tax liability.

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  • Getting expert advice can help to minimize tax liability.

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  • If you use these sites, ensure that their forms are updated, comply with statutory requirements and deal with all aspects of your divorce, such as tax liability and your name change.

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  • This will reduce your tax liability for the year.

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  • For this reason, it's a good idea to speak with your accountant about how a direct sales opportunity will affect your tax liability.

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  • If you have no previous experience with basic bookkeeping, you may wish to speak with a qualified accountant to see what records will be necessary and determine how starting your business will affect your family's tax liability.

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  • It's important to note that tax liability may continue to accrue for closed businesses if the proper dissolution procedures are not followed.

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  • It is essential to take care of your entire payroll tax liability when you close your business.

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  • If you want to request an extension to file your tax return, remember that doing so permits you extra time to file the document, but not to pay your tax liability.

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  • Follow the directions listed in form 4868 or use the Free File services to ensure that you properly calculate your estimated tax liability.

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  • These credits reduce the amount of tax liability an employee owes and are refundable, meaning that they may provide the employee with a tax refund.

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  • Deductions and credits both reduce tax liability, but a taxpayer is entitled to a refund for any deductions surpassing a zero tax liability, not for any credits surpassing a zero tax liability.

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  • Retirees or children younger than 18 or who are dependents may still have tax liability despite not earning much income.

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  • Self-employed individuals earning more than the yearly maximum may be entitled to cease their tax liability after paying on the maximum amount, but should contact the IRS before doing so.

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  • Multiply your income against the percentage of tax bracket to determine your total, yearly tax liability.

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  • Withheld taxes are credited against an employee's total tax liability owed to the IRS.

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  • In fact, making a payment without filing a return by the due date is considered a timely filing, but filing a return showing a tax liability and not making payment by the due date is considered untimely filed.

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  • This is particularly true if you need to establish a payment plan to fulfill your tax liability.

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  • This penalty does not apply to taxpayers who file an extension request and pay at least 90 percent of their final, determined tax liability.

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  • By claiming these deductions on their return, taxpayers reduce the base amount of money that the IRS taxes, thereby reducing their tax liability.

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  • In the next two sections, titled "Other Taxes" and "Payments", you list the taxes and other payments you have already made and which should be credited against your calculated tax liability.

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  • In the "Refund" section of Form 1040, you identify how much of your refund, if any, you want returned or credited towards your future tax liability.

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  • Note, however, that it does not extend the time you have to pay any tax liability you anticipate owing.

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  • As Part II of the form indicates, an extension of time to file your taxes only applies to filing your return, and not paying any tax liability.

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  • Payment for any tax liability you owe is due by the end of the first, automatic two month extension.

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  • By claiming deductions you'll likely reduce the total amount of tax liability you owe.

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