Music, hi everyone, and welcome to Wildcard Wednesday. My name is Shay Greene, and I am one of the learning center trainers here at Geotab. Thank you all again for joining us today for today's session. We'll be hearing from ELD specialist Kyle Dodsworth, who will be giving an overview of ELD exemptions. If you have any questions, please don't hesitate to throw those in to the questions, and we'll be sure to get them answered for you live at the end of the presentation. With that being said, let's get rolling. Kyle, go ahead and take it away. Perfect, thanks Jay. So, thanks everyone. Today, I am going to focus on ELD and hours of service exemptions. This is a pretty big topic, and we might end up spending the entire hour on it, but I will try to leave some time for questions at the end if we can. The reason that this is a very big topic is because it's constantly changing and moving. ELD and HOS exemptions seem to kind of come out weekly almost from the FMCSA. There's always a bunch of them that are getting commented on and being released or being rejected or being pulled back. So, we, on the ELD team here at Geotab, keep a close ear to the ground for changes and new updates and things like that because we want to try to make the system reflect those ELD and HOS exemptions as best as we can within the framework of the ELD. Some of them are pretty easy; others are a little more complicated. Some exemptions are temporary, and some exemptions are permanent. So, we're going to get into a lot of those different pieces as we get into this webinar, and like I said, I know there'll be questions,...
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Line 42 exemptions 2025 Form: What You Should Know
Exemption for non-profit organizations: 1,300 for every person in your organization (children, spouses, and dependents); 200 for employees; and 150 for individuals Annualization amounts (if not a homestead): 2,500 (taxable income), 2,300 (personal exemptions) and 400 (special exemptions) Personal exemptions: 100 for each of you; 40 for each of your spouses and dependents; 25 for each adult member of your spouse's household; and 5 for each dependent of your spouse Special exemptions: 100 for each of you; 20 for each of your spouses and dependents; 10 for each adult member of your spouse's household; and 5 for each dependent of your spouse Annualization amounts: 2,500 (taxable income), 1,300 (personal exemptions), 1,000 (special exemptions) and 400 (total exemption amounts) Child tax credits: If you or your child earned income in 2018, you may have to claim these credits. In 2019: If you and your child earned income together in 2018, claim the child tax credits in that year instead of the credits claimed in 2018. Marriage and Dependent Care Deduction: Married filing jointly, you can claim this deduction up to the value of the deduction provided under tax law without reducing your standard deduction by more than 2,500 if filing a joint return. Personal Exemption Exemptions: Federal and state. Each state tax jurisdiction limits their own exclusion. Student Loan Interest Deduction: Up to 2,500 per student per year if you or your child are a student at a Michigan institution of higher education.  If both parents are parents, you pay the cost of the education, and the educational institution pays the rest, you still get the full deduction. The Lifetime Learning Credit: For married individuals who married after December 31, 2001, and file a joint return, a 2,000 lifetime learning credit can be claimed. The lifetime learning credit for the child of a student and a student who file together is 1,000. The Additional Child credit is for two or more children, each of whom meets the requirements described below in Tax Form Information and Changes for 2021 Exemption allowances for the 2025 tax year.
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