nontaxable
Definition
Adjective: 1. Not subject to taxation; exempt from tax: Describes goods, income, or funds that are legally excluded from the requirement to pay tax.
Usage
The adjective "nontaxable" is used to modify a noun, indicating that the item or amount described is not liable for tax. It is commonly used in financial, legal, and accounting contexts.
Examples
- Adjective:
- Interest from municipal bonds is often nontaxable at the federal level.
- The inheritance was nontaxable under state law.
- She received a nontaxable allowance for work-related expenses.
Advanced Usage
- "nontaxable income": A specific category of earnings that does not need to be reported for tax purposes.
- Child support payments are considered nontaxable income for the recipient.
- "nontaxable status": The condition of being exempt from taxes.
- The organization applied for nontaxable status as a registered charity.
Variants and Related Words
- Tax-exempt (adj): A direct synonym, often used interchangeably with "nontaxable."
- Tax-exempt bonds are popular with investors in high tax brackets.
- Exempt (adj): More general; can mean free from an obligation, rule, or liability, including taxes.
- Goods exported are usually exempt from sales tax.
Synonyms
- Tax-exempt
- Exempt (from tax)
- Duty-free (specifically for goods)
Antonyms
- Taxable
- Assessable
- Dutiable
Adjective
-
(of goods or funds) not subject to taxation
-
the funds of nonprofit organizations are nontaxable
-
income exempt from taxation
-
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