- 1The process of freeing or state of being free from an obligation or liability imposed on others: exemption from prescription charges regulatory exemptionsMore example sentences
- I propose to grant full exemption from tax to the income of this Trust.
- Woodland enjoys several tax breaks, including exemption from inheritance tax after two years.
- They cannot claim income tax exemption from the money they earn from doing live concerts.
- 1.1 (also personal exemption) The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.More example sentences
- When first enacted, the income tax provided a personal exemption of $4,000 for a married couple, an amount almost 12 times the average income of married couples then.
- For 2001, the amount of the dependent exemption is $2,900 per child, the same amount as your personal exemption.
- The mismatches could present a problem for taxpayers seeking to claim a personal exemption or the earned income tax credit.
- 1.2 An item or amount exempted: a series of exemptions from the partnership tax rulesMore example sentences
- Make sure you type in exemptions, not dependents, or the program won't work, Burlison says.
- If you claim too many exemptions, you could end up with a big, ugly tax bill in April.
- Epps says by changing her exemptions from three to two, she could get more of her money now instead of later.
late Middle English: from Old French, or from Latin exemptio(n-), from eximere 'take out, free'.