Question: What is the personal exemption for tax year 2014? The personal exemption for tax year 2014 (Due April 15, 2015) is $3,950. Each taxpayer and qualified dependent is qualify for the personal exemption of $3,950. The qualified exemption phase out begin when the Adjusted Gross Income (AGI) exceeds $254,200 […]
What is the Standard Deduction for 2014?
Question: What is the standard deduction for tax year 2014? The standard deduction for taxpayer with single filing status is $6,200 and $12,400 for married filing jointly status. If your state and local tax paid, mortgage interest, real estate taxes, donations and etc are more than this amount, then you […]