- Blog
- Online Newsletter
Exemptions
An exemption is an amount ($3,500 for 2008) that can be deducted for the taxpayer and spouse (if applicable) and each dependent claimed on the tax return. The exemptions are phased out for higher income taxpayers. See the term “Dependent.” The exemption deduction is disallowed for an individual who files a return and is also claimed, or could be claimed, as a dependent by another taxpayer.
Related Articles
Categories
Online Newsletter
»Automotive
»Casualty Losses
»Charity
»Credit Issues
»Dealing With the IRS
»Death of a Taxpayer
»Divorce
»Dollars & Sense
»Education
»Eldercare
»General Tax
»Investments
»Medical Care
»Your Home & Taxes
»Relocation
»Rental Property
»Retirement Planning
»Tax Credits
»Work-Related Expenses
»Your Business
»Health Care Provisions
»2011 Year-End Strategies
»Calculators
»Tax Calendar
»Tax Organizer
»Tax Topic Brochures
»Tax Planning Strategies
»Other Links
»Tax Penalties
»Occupation Brochures
»Tax Terms
»