A personal exemption reduces your taxable income so you end up paying lower taxes. You might be even luckier if the exemption brings you using a lower income tax bracket. For the year 2010 it is $3650 per person, similar to last year's amount. Around 2008, each was $3,500. It is indexed yearly for rising cost of living.
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(c) any person who set in possession transfer pricing any sort of money bullion, jewellery or valuable article or thing and such money bullion jewellery etc. represents either wholly or partly income or property which has either not been or would not disclosed with the aim of revenue Tax Act referred to in the section as undisclosed income or home.
This gives us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an overall total taxable income of $76,952.
There can be a fine line between tax evasion and tax avoidance. Tax avoidance is legal while tax evasion is criminal. Should you desire to pursue advanced tax planning, make sure you accomplish that with to pick of a tax professional that is going to defend the process to the Rates.