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Revision as of 21:17, 22 September 2024
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A personal exemption reduces your taxable income so you get paying lower taxes. You most likely are even luckier if the exemption brings you any lower tax bracket. For the year 2010 it is $3650 per person, identical to last year's amount. In 2008, sum of was $3,500. It is indexed yearly for augmentation.
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