Taxes are the inevitable drain of your yearly earnings to Uncle Sam — but understanding the different aspects of taxes will save you a ton at tax time, if you prepare. With tax season drawing ever-near, the window is slowly closing and your chances to save along with it. After you have established your deductions and adjustments to your income you have one last chance to save; personal exemptions. It’s one of your last opportunities to further decrease your taxable income before you determine your tax. Personal exemptions for parents can greatly impact the life of your family, especially ones in or nearing college.
If you are confused about how personal exemptions for parents work, or personal exemptions in general, keep reading. This article will shed light onto the different aspects of personal exemptions and filing for the 2014 tax year.