Part 3/5:
By subtracting the exemption amounts from your AGI, your taxable income is reduced, which could potentially lower the amount of tax owed. For example, if you have multiple dependents, claiming exemptions for each one can significantly decrease your taxable income, resulting in tax savings.
Additional Resources and Tips
Lina mentions that her channel offers a variety of videos that delve into related topics, such as:
How to take advantage of tax credits and deductions
Homeowner tax benefits
Writing off vehicle expenses
Other tax strategies to save money
She invites viewers to explore these resources by providing links in the video description.