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  2. Personal exemption - Wikipedia

    en.wikipedia.org/wiki/Personal_exemption

    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. The personal ...

  3. Personal Exemptions Explained - AOL

    www.aol.com/news/2010-12-28-personal-exemptions...

    As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions. It's important not to skip this step -- exemptions reduce ...

  4. IRS tax forms - Wikipedia

    en.wikipedia.org/wiki/IRS_tax_forms

    As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.

  5. Tax exemption - Wikipedia

    en.wikipedia.org/wiki/Tax_exemption

    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.

  6. Prepare for Major Tax Changes Coming in 2026: What You Need ...

    www.aol.com/prepare-major-tax-changes-coming...

    What happens to federal estate tax in 2026? Federal estate and gift tax lifetime exemption limits may drop back to $7 million in 2026, which is nearly half the current exemption amount of $13.61 ...

  7. Personal income-tax exemptions explained - AOL

    www.aol.com/news/2010-01-21-personal-income-tax...

    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.

  8. Tax bracket - Wikipedia

    en.wikipedia.org/wiki/Tax_bracket

    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

  9. Starting in January 2020, there’s a new design for Form W-4.The IRS explained that the redesign will reduce confusion for filers and enhance the transparency of the tax withholding system.

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