Tag Archives for " child "

Fact Sheet – Exemptions

  There are two types of exemptions: ¬†Personal exemptions for taxpayer and spouse ¬†Dependency exemptions for dependents Each exemption reduces the income that is subject to tax by the exemption amount. In 2012, the exemption amount is $3,800. Taxpayers cannot claim an exemption for a person who can be claimed as a dependent on another […]

Continue reading