TAX 9900 Lecture Notes - Lecture 15: Taxable Income, Standard Deduction
Document Summary
Amount exempt = standard deduction + dollar amount of the tp"s personal exemptions. New act provides [6334(d)], for any year for which the personal exemption amount is zero, use ,150(as adjusted by post-2018 inflation) as the personal exemption amount. Tp got paid k, the tp gets amount and remaining to irs. Wearing apparel and school books fuel, provisions, furniture, and. - as does not exceed $ 6,250 in value; Books and tools of a trade, business, or profession. - so many of the books and tools necessary for the trade, business, or profession of the taxpayer as do not exceed in the aggregate $ 3,125 in value. Mail, addressed to any person, which has not been delivered to the addressee. You have a minor child, get child support pmts, irs cannot levy on those. Tools of trade/books up to aggregate amount of ,125.
