Tag Archive for Dependent Exemptions

Five Things To Remember About Exemptions And Dependents For Tax Year 2017

Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2017 tax return. While each is worth the same amount, different rules apply to each type.

Here are five key points for taxpayers to keep in mind on exemptions and dependents when filing their 2017 tax return: Read More

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Your Personal And Dependent Exemptions

Claiming your eligible exemptions is very important, because exemptions directly reduce your taxable income. You are entitled to one personal exemption for yourself, one for your spouse (if filing a joint return), and one exemption for each dependent that you claim on your tax return. Knowing the criteria and requirements for claiming these exemptions will facilitate the preparation of your individual income tax return, and will ensure that you do not miss out on important tax benefits.

Exemptions are fixed amounts, calculated on a per person basis, and they reduce the amount of your income that is subject to income tax.
The exemption amounts are generally increased year by year, as adjusted for inflation, and the amount for tax year 2014 is $3,950 ($4,000 for tax year 2015). Each person for Read More

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