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Latest revision as of 18:31, 30 August 2026
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A personal exemption reduces your taxable income so you end up paying lower taxes. You most likely are even luckier if the exemption brings you together with lower income tax bracket. For the year 2010 it is $3650 per person, equal to last year's amount. In the year 2008, the amount was $3,500. It is indexed yearly for the cost of living.
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