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The IRS has set many tax deductions and benefits in their place for people. Unfortunately, some taxpayers who are earning a top level of income can see these benefits phased out as their income increases.

Remember, an individual exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This gives you under the marginal tax rate of 25%. So the money you save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and the spouse, which is multiplied by two a person save $1825.

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