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One Tax Exemption = a $3,800 Deduction

If you qualify for an exemption, that amount can be deducted from your gross income to calculate your taxable income. Plus, find a local tax expert in Ferndale.

According to a DailyFinance report, exemptions are some of the most uncomplicated parts of filing taxes.

Exemptions work in a similar way as deductions by reducing the amount of income on which you are taxed. When filing your 2012 tax returns, for each exemption you take, you can deduct $3,800 from your gross income to determine at your taxable income. Taxpayers are allowed to take exemptions for themselves, their spouses and their dependents. 

Read more about exemptions and find out if you are eligible to take them. 

Check out an article on imaginative tax breaks that have been approved by the Internal Revenue Service, including deductions on the cost of oils for a professional bodybuilder, breast implants considered a stage prop and a clown costume. 

Here are some places you can go to get your taxes done in Ferndale. If we missed a good local option, please add it in the comments:

  • The Accounting Office of Robin Steranko
  • H&R Block Income Tax Preparation Services
  • PMH Bookkeeping
  • Accounting Aid Society - Oakland Neigborhood Tax Center
  • H&R Block Income Tax Preparation Services
  • Liberty Tax Service
  • Jackson Hewitt
  • Financial Matters Tax and Bookkeeping Solutions
  • Income Tax Professional

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