In Greenacres, Florida, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Usually, income from all sources may be taxed. The federal government has had the constitutional authority to impose an income tax since 1916, since the passage of the 16th Amendment. Before then, states could, and still can, impose whatever income tax they like, including in Florida.
While the federal government levies an income tax against every person and corporation in the U.S., the income taxes imposed by the states vary widely. Some states have fairly high income taxes, and a few have none at all. You should consult with a Greenacres, Florida tax Lawyer if you don't know what type of tax system your state has.
Income Tax Deductions in Greenacres, Florida
A tax deduction is a reduction in your taxable income. It results in less of one's income being taxable, which causes a reduced tax liability.
This should not be confused with a tax credit, which is simply a reduction in somebody's tax bill. A tax credit will typically reduce your tax liability far more than a tax reduction of the same amount.
Many expenses in Greenacres are tax-deductible, such as interest paid on mortgages, charitable contributions, the cost of tax advice, and union dues, among others.
How Can A Greenacres, Florida Tax Attorney Help?
Income tax law can get fairly complex in Greenacres, Florida. If you have any questions about your income tax liability, you should not hesitate to speak with a tax Lawyer sooner, rather than later.