$25.00 
Learn more
January 7, 2008 12:00 am
AMT Patch at Last
Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem
advertisement
Featured Books
Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
