With tax seasons comes the advent of tax scams by email and phone, including text messages. The IRS cautions taxpayers to be wary at this time of the year. Here are some pointers to help you:
If you have any questions about a communication purported to come from the IRS, call the Service at 800-829-1040 for confirmation.
Source: IR 2014-5
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.