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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 ...
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 ...
Delaware and Hawaii allowed their taxes to expire after Congress repealed the credit for state estate taxes, but reenacted the taxes in 2010. Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey).
The Alternative Minimum Tax exemption amount for tax year 2023 is $81,300 for individual taxpayers and begins to phase out at $578,150. Those numbers are up from $75,900 and $539,900, respectively ...
Tax exemptions, on the other hand, don’t reduce the amount of tax you owe — the money is untaxed, so it doesn’t affect your tax situation. These differences seem minor but can have a big ...
Tax credit amounts for the Earned Income Tax Credit (EITC), tax exemption amount for estates and gifts, as well as the limit on transportation benefits, will also be adjusted for inflation.