Weekly Tax Tip #79
The American Taxpayer Relief Act of 2012 brings back the personal exemption phaseout. Beginning in 2013, personal exemptions will be phased out (i.e., reduced) for adjusted gross income over $250,000 (single) and $300,000 (joint filers). Taxpayers claim exemptions for themselves, their spouses and their dependents. Last year, each exemption was worth $3,800. In effect, this is a higher tax rate that is disguised as the reduction of a tax deduction. Need more information? Give me a call at 931-648-4786.
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