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A personal exemption reduces your taxable income so you find yourself paying lower taxes. You may well be even luckier if the exemption brings you together with lower income tax bracket. For the year 2010 it is $3650 per person, equal of last year's amount. In the year 2008, a lot was $3,500. It is indexed yearly for inflation.

Filing Factors. Reporting income is not a importance of everyone but varies more than amount and type of pay. Check before filing to find out you qualified a filing exemptions.

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