In Hallandale, Florida, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Usually, income from all sources can be taxed. The federal government has had the constitutional power 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 relatively high income taxes, and a few have none at all. You should consult with a Hallandale, Florida tax Attorney if you don't know what type of tax system your state has.
Income Tax Deductions in Hallandale, Florida
A tax deduction is a reduction in one's taxable income. It results in less of your income being taxable, which causes a lower 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 deduction of the same amount.
Lots of expenses that are common in Hallandale are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.
How Can A Hallandale, Florida Tax Attorney Help?
Income tax laws are notoriously complex. If you live in Hallandale, Florida and run into any type of tax problems, including an audit or wage garnishment, a local tax Attorney would almost certainly be able to help.