Business / Taxes / Exemption: An exemption is a fixed dollar amount that you can subtract from your adjusted gross income to reduce your taxable income. The per-person exemption amount is set by Congress each year, and typically increases from year to year. If you’re over 65 or blind, you qualify for an additional exemption. Taxpayers whose adjusted gross income is higher than the government limit may not qualify for an exemption.
Exemption Verb Synonyms: exception, immunity, freedom, release, impunity, dispensation, exclusion
Business / Accounting / Tax Exemption: An amount that a taxpayer who meets certain criteria can subtract from taxable income. Examples include exemptions for each dependent or for life insurance proceeds. (See Tax Credit, Tax Deduction.) MORE
Business / Real Estate / Veterans Exemption: California war veterans may receive a $4,000 exemption on the full cash value of their homes. MORE