Tax Exemptions

Tax Exemptions can be offered by federal, state, county, and city governments. Exemptions can vary by jurisdiction and change over time. A little effort to complete a couple forms can reduce or even eliminate tax obligations to the state and/or federal governments.

It doesn’t get much easier to save a lot of money but of course there are qualifications. Types of exemptions with brief explanations are provided below. The IRS website is recommended to review federal guidelines. Visit your state and local websites to look more for exemptions. 

This discussion is not intended as legal advice and cannot be relied upon for any purpose without the services of a qualified professional exemptions. 

Personal Exemptions

Personal exemptions are a deduction that can apply to individuals and married couples and reduces your taxable income similar to a deduction but normally has fewer restrictions. 

Dependents are typically regarded as children that live at home under certain conditions but can also apply to relatives and parents regardless if they live with you.  

Charities & Non-Profits

Organizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt according to the IRS.

Other non-profits types may be social welfare organizations, civic leagues, social clubs, labor organizations and business leagues. Private foundations, churches, and political organizations may qualify for tax-exempt status. Donations made to these types of organization are usually tax deductible as potential charitable itemization. 

Click here for tips from the IRS to speed up the application process.  

State and Local Exemptions

There are standard exemptions as defined by each state and some local municipalities. There are also unique cases that can earn exemptions. Most notably are for large investments by businesses that create a lot of jobs or bring other benefits to an area. Most of these are handled on a case-by-case basis. 

These cases take time to get approval but a tax exemption decision from a state or municipality can be enough to sway a company’s investment decision. 

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