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Glossary > E > "Exemption" Definition

Exemption

A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing.

An allowable expense subtracted from gross income to reduce income tax liability. An exemption can be classified as either personal or dependency and these are further subdivided into exemptions for:individual taxpayerselderly and disabled taxpayersdependent children and other dependants more than half of whose support is providedtotal or partial blindnessa taxpayer"s spouse

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Exemption - A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing.

An allowable expense subtracted from gross income to reduce income tax liability. An exemption can be classified as either personal or dependency and these are further subdivided into exemptions for:individual taxpayerselderly and disabled taxpayersdependent children and other dependants more than half of whose support is providedtotal or partial blindnessa taxpayer"s spouse

Exemption : a deduction allowed by law to reduce the amount of income that would otherwise be taxed. an exemption is based on a status or circumstance rather than economic standing.

an allowable expense subtracted from gross income to reduce income tax liability. an exemption can be classified as either personal or dependency and these are further subdivided into exemptions for:individual taxpayerselderly and disabled taxpayersdependent children and other dependants more than half of whose support is providedtotal or partial blindnessa taxpayer"s spouse