Effective Writing 3-7 - Date From Vy Huynh VH For every individuals and companies the dreaded April 15 tax-filing deadline is always one of the first

Effective Writing 3-7 - Date From Vy Huynh VH For every...

This preview shows page 1 - 2 out of 2 pages.

Date: July 10, 2015 From: Vy Huynh VH For every individuals and companies, the dreaded April 15 tax-filing deadline is always one of the first priorities to concern about at the beginning of every year. However, if a taxpayer is not in the finance or accounting fields or a knowledge of these topics, then some of the terms can be quite burdensome. Some of the occasional words that one might run into and require expanded are discussed below: 1. Dependency and Personal Exemption: An exemption is a specified amount that you subtract from your adjusted gross income (AGI) when you do your tax return each year. Under personal exemption, you are allowed to claim one personal exemption for yourself and one for your spouse if you are married . On the other hand, you are allowed one exemption for each person you can claim as a dependent under dependency exemption. You can claim an exemption for a dependent even if your dependent files a return. The term “dependent” means either a qualifying child or relative. You can take
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read both pages?

  • Spring '13
  • WILSON
  • Taxation in the United States, personal exemption, constructive receipt

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes