Tax Question – Exemptions

Question: Did the dependent exemption increase over the past few years?

Answer: Yes, personal exemptions are adjusted for inflation.

IRS Circular 230 Disclosure: To the extent this writing contains advice on a federal tax issue, the advice is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed in this communication.