Note: The author is not a CPA or tax specialized. This article is for general information purposes, and should not be construed as tax details. Readers are strongly asked to consult their tax professional regarding their personal tax situation. 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 allows you to under the marginal tax rate of 25%. T...