Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return.
When you work or volunteer at a nonprofit organization, you know the days can be hectic, and nonroutine tasks can sometimes get overlooked. If the annual requirement to file a tax return or notice with the IRS was one of those overlooked tasks, you may receive a letter revoking your organization's federal tax-exempt status.