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Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
As a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, there is a temporary repeal of the PEP (personal exemption phase-out) limitations. With the ...
By Alden Wicker Exemptions are one of the most straightforward parts of the tax code. OK, maybe that isn't saying much, but when it comes to navigating tax season, we take what we can get. And we ...
For 2009, the personal income tax exemption amount is $3,650. That's per person, not per family. That amount applies so long as your adjusted gross income (AGI) falls under the phaseout amount.
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.
A common such deduction is a fixed allowance for the taxpayer and certain family members or other persons supported by the taxpayer. The U.S. allows such a deduction for "personal exemptions" for the taxpayer and certain members of the taxpayer's household. [37] The UK grants a "personal allowance."
It is easy to lump exemptions, deductions and credits into the same basket of tax-saving mechanisms, but they are distinctly different. Skip to main content. Sign in. Mail. 24/7 Help. For premium ...
Personal exemption is a tax exemption in which the taxpayer may deduct an amount from their gross income for each dependent they claim. It was $3,400 in 2007. It was $3,400 in 2007. Sample tax calculation