What are Tax Exemptions? - TurboTax® Tax Tips & Videos

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Home > Tax Calculators & Tips > All Tax Guides > General Tax Tips > What
are Tax Exemptions?

** What are Tax Exemptions? **

Updated for Tax Year: 2012
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/Tax exemptions come in many forms, but one thing they all have in common
is they either reduce or entirely eliminate your obligation to pay tax.
Most taxpayers are entitled to an exemption on their tax return that
reduces your tax bill in the same way a deduction does. Federal and state
governments frequently exempt organizations from income tax entirely when
it serves the public, such as with charities and religious organizations./
Personal exemptions

If you are not claimed as a dependent on another taxpayer's return, then
you can claim one personal tax exemption. This is a fixed amount that
generally increases each year. The exemption reduces your taxable income
just like a deduction does, but has fewer restrictions to claiming it. If
you are married and file a joint tax return, both you and your spouse each
get an exemption.

Dependent exemptions

The IRS allows you to take additional exemptions for each dependent you
claim. Frequently, the source of these exemptions are the children who live
with you for more than half the year, are under 19 years old (or under 24
if a full-time student) and who don't provide more than half of their own
financial support during the tax


Source: turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/What-are-Tax-Exemptions-/INF14371.html


what are exemptions


Tax exemption - Wikipedia, the free encyclopedia

--------------------

** Tax exemption **

From Wikipedia, the free encyclopedia
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The examples and perspective in this article *may not represent a
worldwide view of the subject*. Please improve this article and discuss the
issue on the talk page. /(August 2011)/

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Source: en.wikipedia.org/wiki/Tax_exemption

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