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Common Use Tax Exempt Form Rev 6 2010doc

Common Use Tax Exempt Form Rev 6 2010doc

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hi and welcome i'm lina i'm a certified public accountant here on youtube i focus on helping small business owners as well as sharing valuable information on personal and business tax as well as personal finance please remember to support my channel subscribe ring the bell to turn on video notifications and give this video a thumbs up you're also welcome to join my channel for more exclusive content what is a tax exemption this is an amount the irs lets you subtract from your income to reflect all the people who count on your income also known as your dependents you can claim as tax exemptions yourself your spouse and your dependents the irs allows a set amount for each exemption and as with deductions this total amount you qualify for is subtracted from your adjusted gross income agi to arrive at your final lower earnings amount based on which you and the irs will determine your appropriate tax bill for the year i want to emphasize that your exemption amount is in addition to any tax

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