Phrases with «dependent exemption»

The phrase "dependent exemption" refers to a tax benefit that allows taxpayers to lower their taxable income by claiming certain individuals, called dependents, as exemptions. These dependents are usually children or other relatives who rely on the taxpayer for financial support. By claiming dependent exemptions, taxpayers can reduce the amount of tax they owe. Full definition

Sentences with «dependent exemption»

  • Personal and dependent exemptions for yourself and qualifying family members reduce the amount of income on which you will be taxed. (turbotax.intuit.com)
  • However, there are additional requirements for those credits, so don't assume that you have a credit just because you can take an extra dependent exemption. (taxdebthelp.com)
  • A niece or nephew who lives with you, for example, might give you an additional dependent exemption. (fool.com)
  • (see all sentences)
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