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The personal exemptions begin to phase out when AGI exceeds $309,900 for 2017 joint tax returns and $258,250 for 2017 single tax returns. Each tax exemption is reduced by 2% for each $2,500 by which a taxpayer's AGI exceeds the threshold amount until the benefit of all personal exemptions is eliminated.
There is a general capital gain exemption for the sale of a main home — as much as $250,000 for single filers and $500,000 for joint filers if you meet an ownership and use test — but there ...
However, the state recently capitulated and now uses its own income-based tax credit system to offset Social Security income for single filers earning less than $30,000 and joint filers drawing ...
Massachusetts taxes most retirement income using its 5% state income tax. Seniors may be exempt from paying state income tax if they are a single filer making $8,000 or less, a head of household ...
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.
The Tax Policy Center expects his policy to model a recent bill passed in Alabama that exempts taxpayers from paying taxes on overtime pay. 3. Lower corporate taxes, and big new tariffs
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