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What are personal exemptions?
A personal exemption is a tax deduction that allows you to reduce your taxable income, thus reducing the amount of income tax you owe.
The amount of...
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What Is a Dependency Exemption?
In addition to the Personal Exemptions for you and your spouse, the IRS allows you to substract an equivalent exemption amount from your taxable incom...
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Who qualifies as a dependent?
Dependents are divided into two categories: qualifying children and qualifying relatives, each with its own set of requirements. If your dependent is ...
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Can an adult qualify as a dependent?
You may be able to claim certain adults who are permanently and totally disabled, regardless of age, as a qualifying child.
You may also be able to...
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