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April 12, 2012 4:08 pm
Tax Day Can Be Deadly
Certainty used to be defined as death and taxes. Now that definition takes on a whole new meaning. According to a study, car accidents increase on the tax filing deadline by about 6%. This translates into about 13 extra deaths!
What to do: Exercise special caution when driving on April 17th, the filing deadline in 2012. Also, you can stay home and avoid the post office by e-filing your return.
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Tax Glossary
Exemption
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.
