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Every year, the internal revenue service issues a list of tax scams. You can be is to alert taxpayers to the possible lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.

A personal exemption reduces your taxable income so you get paying lower taxes. You may be even luckier if the exemption brings you a new lower income tax bracket. For the year 2010 it is $3650 per person, same as last year's amount. This year 2008, get, will be was $3,500. It is indexed yearly for the cost of living.

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