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Filing an tax return is a pursuit that rolls around once a year so keeping together with requirements and guidelines is key in order to some successful season. If you are just getting started or in the heart of the process the following are 10 things you should know about income tax.

A personal exemption reduces your taxable income so you wind up paying lower taxes. You most likely are even luckier if the exemption brings you a few lower income tax bracket. For the year 2010 it is $3650 per person, just like last year's amount. Throughout the year 2008, sum of was $3,500. It is indexed yearly for accroissement.

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