Tax Exemption

Pronunciation: /tæks ɪɡˈzɛmpʃən/

Definitions of tax exemption

noun a legal or financial benefit that allows certain individuals or organizations to avoid paying taxes on specific income, property, or transactions

Example Sentences

A1 Tax exemption means you do not have to pay taxes on certain income or purchases.

A2 Many charitable organizations qualify for tax exemption status.

B1 Individuals can apply for tax exemption if they meet certain criteria set by the government.

B2 Businesses often seek tax exemption opportunities to reduce their financial burden.

C1 The government provides tax exemption incentives to promote economic growth and investment.

C2 Understanding the complexities of tax exemption laws requires expert knowledge and guidance.

Examples of tax exemption in a Sentence

formal The organization was granted tax exemption status due to its non-profit nature.

informal My friend was excited to learn about the tax exemption for first-time homebuyers.

slang I heard there's a sweet tax exemption deal for small businesses in the new law.

figurative His clever accounting tricks gave him a sort of tax exemption from his financial responsibilities.

Grammatical Forms of tax exemption

• plural: tax exemptions
• comparative: more tax exempt
• superlative: most tax exempt
• present tense: tax exemption
• future tense: will be tax exempt
• perfect tense: has been tax exempt
• continuous tense: is being tax exempt
• singular: tax exemption
• positive degree: tax exempt
• infinitive: to tax exempt
• gerund: tax exempting
• participle: tax exempted

Origin and Evolution of tax exemption

First Known Use: 1250 year

Language of Origin: Latin

Story behind the word: The concept of tax exemption can be traced back to ancient civilizations where certain groups or institutions were granted immunity from taxation by rulers or governments.

Evolution of the word: Over time, the term 'tax exemption' has evolved to encompass a wide range of exemptions granted to individuals, organizations, or activities for various reasons such as social welfare, economic development, or religious purposes.