Date: July 10, 2015From: Vy HuynhVHFor every individuals and companies, the dreaded April 15 tax-filing deadline is always one of thefirst priorities to concern about at the beginning of every year. However, if a taxpayer is not in the financeor 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 subtractfrom your adjusted gross income (AGI) when you do your tax return each year. Under personalexemption,you are allowed to claim one personal exemption for yourself and one for your spouse if youare married. On the other hand, you are allowed one exemption for each person you can claim as adependent under dependency exemption. You can claim an exemption for a dependent even if yourdependent files a return. The term “dependent” means either a qualifying child or relative. You can take
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Taxation in the United States,personal exemption,constructive receipt