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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. Alternative minimum tax - Wikipedia

    en.wikipedia.org/wiki/Alternative_minimum_tax

    The deduction for personal exemptions is not allowed. Instead, all taxpayers are granted an exemption that is phased out at higher income levels. [45] See above for amounts of this exemption and phase-out points. Due to the phase-out of exemptions, the actual marginal tax rate (1.25*26% = 32.5%) is higher for the income above the phase-out point.

  5. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    Tax credits: All taxpayers are allowed a credit for foreign taxes and for a percentage of certain types of business expenses. Individuals are also allowed credits related to education expenses, retirement savings, and child care expenses. Each of the credits is subject to specific rules and limitations. Some credits are treated as refundable ...

  6. 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.

  7. Tax Reform Act of 1986 - Wikipedia

    en.wikipedia.org/wiki/Tax_Reform_Act_of_1986

    An existing provision in the tax code, called Income Averaging, which reduced taxes for those only recently making a much higher salary than before, was eliminated (although later partially reinstated, for farmers in 1997 and for fishermen in 2004). The Act, however, increased the personal exemption and standard deduction.

  8. Opinion: Extend Trump's 2017 tax cuts to promote growth ... - AOL

    www.aol.com/news/opinion-extend-trumps-2017-tax...

    Extending the limits put on the state and local tax (SALT) deduction and mortgage interest deduction, and the removal of the personal exemption (a $4,050-per-household-member exclusion from ...

  9. Tax exemption - Wikipedia

    en.wikipedia.org/wiki/Tax_exemption

    Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In ...

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