Exemption is a deduction allowed by the IRS to help you arrive at a lower taxable income. Exemptions can be claimed by you, your spouse and your dependents. The IRS allows a dollar amount for each exemption and this amount is subtracted from your adjusted gross income to come up with the final amount of money upon which you must pay taxes.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). exemption. Retrieved September 21, 2026, from http://smartdefine.org/exemption/definitions/1153406 |
| Chicago | Barry Goldsmith. 2010. "exemption" http://smartdefine.org/exemption/definitions/1153406 (accessed September 21, 2026). |
| Harvard | Barry Goldsmith 2010, exemption, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/exemption/definitions/1153406>. |
| MLA | Barry Goldsmith. "exemption" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/exemption/definitions/1153406> |