The IRS has set many tax deductions and benefits secured for individuals. Unfortunately, some taxpayers who bring home a advanced level of income can see these benefits phased out as their income increases. Remember, a personal exemption of $3650 is not 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 under the marginal tax rate of 25%. So the money you can save on personal e...

The IRS has set many tax deductions and benefits secured for individuals. Unfortunately, some taxpayers who bring home a advanced level of income can see these benefits phased out as their income increases. Remember, a personal exemption of $3650 is not 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 under the marginal tax rate of 25%. So the money you can save on personal e...