Tax Exemption

The personal exemption phaseout means as your income grows, you will get less of standard exemption for tax year i.e $ 4050 ( Year 2017) . But ,the government desires that as the income of a tax payer increase , he/she should not claim…

The moment you start computing taxable income of a person, you will come across the term tax deductions , personal tax exemption and tax credit . Two things about these taxation terms are well established - all three terms are completely…