Exemptions cut your taxable income. Taxpayers can claim an exemption for themselves, their spouse (if filing jointly), and their dependents. There are rules about claiming exemptions and dependents. If you claim a dependent on your tax return, that person cannot claim an exemption for themselves on their tax return. Each exemption usually gives taxpayers a $4000 deduction. The $4000 per exemption is subject to income limits. In addition to claiming children as exemptions, there are other tax savers for parents. Parents may be able to claim a $1000 Child Tax Credit for children under the age of 17. Working parents or parents who
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