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A personal exemption reduces your taxable income so you wind up paying lower taxes. You may be even luckier if the exemption brings you any lower tax bracket. For the year 2010 it is $3650 per person, just like last year’s amount. Throughout the year 2008, a lot was $3,500. It is indexed yearly for inflation.
If you purchase a national muni bond fund your interest income will be free of federal taxation (but not state income taxes). An individual buy a situation muni bond fund that owns bonds from the house state this interest income will likely be “double-tax free” for both federal assuring income taxing.
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