Personal Exemptions can offer tax relief in the form of a reduction in your declared taxable income. The exemptions include yourself, if you are not considered a dependent on another persons’ tax return; your spouse, if you file a joint tax return; and, children, provided they are under nineteen years of age or twenty-four in the case of a full-time student; and, any other relative. The relative does not have to live with you; but, you do have to prove that you contribute more than 50% towards their support. Tax Relief in the form of a spouse exemption can be claimed if your spouse is not claimed as another persons’ dependent, for which they are filing an exemption, she/he has no gross income; and, he/she are not filing a return. One personal exemption may be filed for each person you claim as a dependent, even if that dependent files their own tax return. This allows some tax relief. Each dependent claimed as a personal exemption must meet the following three tests: • Dependent Taxpayer Test • Joint Return Test • Citizen or Resident Test If you are a non-resident alien, you may, normally, only obtain tax relief in these circumstances by claiming an exemption for yourself. You may not claim personal exemptions for a spouse or dependents. This rule does not apply to residents of Mexico, Canada and certain Indian and Korean residents; and, also, has no bearing on non-resident aliens who are married to US citizens. As your gross income exceeds certain amounts, the personal exemption rate is modified; but, it does not drop below $1,100 per exemption.
By: N.F.Centeno
Article Directory: http://www.articledashboard.com
Do you also want to learn about getting rid of your IRS and/or state tax problems? Visit us at our website for money saving Tax Debt Tips and Strategies. www.LimonWhitaker.com Over the past few years N. F. Centeno and partners have helped thousands of people with their IRS and state tax problems. We'll Handle The IRS For You If you have urgent questions or concerns about your tax debt, we are available to help you at 800.993.1249 Monday to Friday 6:00AM to 8:00PM Pacific Time.
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
© 2007 Article Dashboard. All Rights Reserved. Use of our service is protected by our Privacy Policy and Terms of Service
Powered by Article Dashboard