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Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
It is easy to lump exemptions, deductions and credits into the same basket of tax-saving mechanisms, but they are distinctly different. It is easy to lump exemptions, deductions and credits into ...
As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions. It's important not to skip this step -- exemptions reduce ...
Federal individual, estate, and trust income tax returns are due by April 15 [68] for most taxpayers. Corporate and partnership federal returns are due two and one half months following the corporation's year end. Tax exempt entity returns are due four and one half months following the entity's year end.
The income tax law in its modern form—which began in the year 1913—included a provision for a personal exemption amount of $3,000 ($71,764 in 2016 dollars), or $4,000 for married couples. ($95,686 in 2016 dollars) Over time the amount of the exemption has increased and decreased depending on political policy and the need for tax revenue.
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