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Filing an tax return is an activity that rolls around once a year so keeping at the requirements and guidelines is key into a successful season. If you are just getting started or in the middle of the process here are 10 things you require to know about taxes.
Remember, a personal exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This causes you to be under the marginal tax rate of 25%. So the money it can save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For the spouse, which are multiplied by two so you save $1825.
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