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The IRS has set many tax deductions and benefits in place for taxpayers. Unfortunately, some taxpayers who are earning a high level of income can see these benefits phased out as their income ascends.

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A personal exemption reduces your taxable income so you wind up paying lower taxes. You may be even luckier if the exemption brings you together with a lower income tax bracket. For the year 2010 it is $3650 per person, comparable to last year's amount. Throughout the year 2008, was $3,500. It is indexed yearly for air pump.

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We hear a lot about income taxes, but most people need to know just what amount income-related taxes they're spending money. We're taxed by both our federal government and our state. Ever since federal government takes the lion's share, I'll concentrate on its taxes.

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