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Bookmark or Share- What Is a Personal Exemption & Should You Use It?A personal exemption was a fixed deduction that was subtracted from your total income. You and each member of your family were entitled to one personal exemption. These personal exemptions would reduce your total taxable income.
- Understanding Taxes - Exemptions - IRS tax formsIn this tax tutorial, you will learn about exemptions. There are two types of exemptions: Each exemption reduces the income that is subject to tax by the exemption amount. A taxpayer cannot claim an exemption for a person who can be claimed as a dependent on another tax return.
- How Do Tax Exemptions Work? - InvestopediaFederal, state, and local governments create tax exemptions to benefit individuals, businesses, and organizations in specific circumstances. Taxpayers who qualify for exemptions can save money...
- Exempt Income: Definition, Examples, and Tax Rules - InvestopediaExempt income refers to certain types of income not subject to income tax. Some types of income are exempt from federal or state income tax or both. The IRS determines which types of income are...
- What Are Tax Exemptions? - TurboTax Tax Tips & VideosMost taxpayers are entitled to an exemption on their tax return that reduces your tax bill in the same way a deduction does. Federal and state governments frequently exempt organizations from income tax entirely when it serves the public, such as with charities and religious organizations.
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