Personal Exemption
/ˈpɜːrsənəl ɪɡˈzɛm(p)ʃən/
Definitions
- (n.) An allowance by tax law permitting a taxpayer to reduce taxable income for themselves and dependents.
The taxpayer claimed a personal exemption for each family member to reduce their income tax liability.
Forms
- personal exemption
- personal exemptions
Related terms
See also
Commentary
Personal exemptions have largely been suspended or adjusted in some jurisdictions; drafters should verify current tax code applicability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.