noun “Someone employed to accompany or assist another in the capacity of a helpful friend.”
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What are Personal Exemptions
You can claim a personal exemption for yourself, your spouse and each of your dependents. A dependent child includes children born to you and your spouse, step children, adopted children and eligible foster children. In some circumstances, grandchildren, brothers, sisters or even parents may qualify as your dependent if certain eligibility tests are met.
For 2011, each personal exemption reduces your taxable income by $3,700. There is no phase out of exemptions based on income for 2011.
Translated into real tax dollars saved, each exemption lowers your tax bill by the following amounts based on your top (marginal) income tax rate:
| Top Tax Bracket | Real Tax Savings |
|---|---|
| 10% | $370 |
| 15% | $555 |
| 25% | $925 |
| 28% | $1,036 |
| 33% | $1,221 |
| 35% | $1,295 |
Important Dates
- 05/21/12 (All day) - TN Sales Tax Due
- 05/28/12 (All day) - Memorial Day- Bank Holiday
- 06/01/12 (All day) - Professional Privilege Tax Due