Tag Archives: personal exemption

New Personal Exemption

The abolition of the personal exemption is also a significant shift. This provision was a subtraction from income before the overhaul for each person included in a tax return-typically family members. The amount for 2018 was set to be $4,150 per person, and for higher earners it was phased out. Personal exemption was also essential […]

Oh Baby! Bring on the Tax Credits

Having a baby means eighteen plus years of expenses related to the care of that child as they grow and develop. The IRS offers a tax credit for parents who have had a baby during the tax year. This credit is worth $1,000 per child, as long as your income is less than $110,000 (joint […]

Tax Exemptions Add More to Your Wallet

Understanding the tax laws isn’t always an easy task. However, there are certain parts of the tax code that are relatively straightforward and simple to comprehend – for tax code that is. Exemptions are one of the few great parts of filing your taxes, because they help taxpayers get back more of their hard earned […]

Taking it Personally: Exemptions

Anyone who pays taxes and is not claimed as a dependent on anyone else’s return is eligible to receive a personal deduction simply because they are a taxpayer. This deduction is known as a personal exemption, and the amount is a set dollar amount for the entire year. In 2014, the exemption amount was $3,950, […]

The Three Exemptions

For the 2014 tax year, filers can claim exemptions for three different categories, worth $3,950 each, if they meet the requirement for each exemption. Also, taxpayers who are high-income may be subject to a phase-out rule, in which these exemptions do not apply. Yourself: Unless you are claimed as a dependent on someone else’s tax […]