What Are Tax Exemptions, and Which Can You Still Claim?
Tax exemptions can work wonders for your return, giving you the opportunity to pay less tax and stash away more cash. But if you didn't take advantage of personal and dependent tax exemptions before the implementation of the Tax Cuts and Jobs Act of 2017, you can very likely forget about them, at least until 2025. They're only available to those who still need to file or amend a 2017 tax return by April 15, 2021 (or Oct. 15, 2021, if an extension was granted).
Here's what to keep in mind as you maneuver through the tax filing process and recall the days when tax exemptions were a big deal. Even if you don't qualify for the normal tax exemptions, there are still ways to reduce your tax bill.
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Source Fool.com
