Using energy drinks is a popular practice among college students for a variety of situations. Although for the majority of situations assessed, users consumed one energy drink with a reported frequency of 1 â 4 days per month, many users consumed three or more when combining with alcohol while partying.
You can take an exemption deduction for yourself, your spouse and each dependent you claim. On 2014 returns due April 15, 2015, this exemption amount is $3,950 per person, $50 more than in 2013. For 2015 planning purposes, the exemption amount goes up another $50 to $4,000.
Example of personal and dependent exemptions. For a married couple with three children, the total exemption deduction for 2014 is $19,750 ($3,950 x 5). If the marginal income tax rate for this family is 25 percent, the five exemptions save $4,875 in taxes. Deduction for college tuition expenses. 2  This deduction is available to you regardless of whether you itemize your deductions. 3  The maximum deduction is $4,000. 4  The maximum deduction drops to $2,000 and then disappears completely as income rises.