Filing Taxes: What You Need to Know About Tax Exemptions

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Tax exemptionsBy Alden Wicker

Exemptions are one of the most straightforward parts of the tax code.

OK, maybe that isn’t saying much, but when it comes to navigating tax season, we take what we can get. And we also love exemptions because they put money back in our pocket.

Exemptions work in a similar way as deductions by reducing the amount of income you will be taxed on. For each exemption you take for 2012, you can deduct $3,800 from your gross income to arrive at your taxable income. So if you fall in…

Filing Taxes: What You Need to Know About Tax Exemptions originally appeared on DailyFinance.com on 2013-02-14T05:00:00Z.

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