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Revision as of 20:05, 25 August 2026


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A personal exemption reduces your taxable income so you end up paying lower taxes. You may be even luckier if the exemption brings you a few lower income tax bracket. For the year 2010 it is $3650 per person, same as last year's amount. In the year 2008, the amount was $3,500. It is indexed yearly for augmentation.

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