What are Tax Exemptions?
Tax exemption is a monetary amount given to help reduce your taxable income. Usually, you can deduct a specific amount for each exemption claimed for that particular tax year.
There are 2 types of exemptions you can deduct:
- Personal exemptions for you and your spouse
- Exemptions for dependents known as dependency exemptions
Read moreTax Exemptions – Everything You Need to Know for 2018