Income Tax Lawyers in Homestead, Florida

Find the right Income Tax attorney in Homestead, FL

In Homestead, Florida, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Generally, 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 Homestead, Florida tax attorney if you don't know what type of tax system your state has.

Income Tax Deductions in Homestead, Florida

A tax deduction is a reduction in the portion of a person's income that is taxable, resulting in a lower tax liability. For example, suppose your income tax rate is 10%, and you had ,000 in income last year. If you got a ,000 tax deduction, your taxable income would be ,000, and you would have to pay 10% on that. So, it would reduce your tax liability from to .

There is also something called a tax credit, which is treated as a partial payment of the income tax. A tax credit almost always results in a lower tax bill than a deduction of the same amount.

Lots of expenses that are common in Homestead are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.

How Can A Homestead, Florida Tax Attorney Help?

Income tax laws can get quite complex, especially when large amounts of money from multiple sources are involved. It would not be a bad idea to call a Homestead, Florida tax attorney to avoid the consequences of under-paying, and to prevent you from over-paying.

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Life in Homestead

Homestead is Miami-Dade County's second oldest city! It is located about 35 miles from Miami. Homestead has been in the news over the past few years because it was affected by Hurricane Andrew in 1992. After redevelopment, in 2002, the city experienced a building and housing boom!

Popular attractions in Homestead include ArtSouth, Coral Castle, Everglades Alligator Farm, Fruit and Spice Park, Homestead Rodeo, Homestead-Miami Speedway, Monkey Jungle, Homestead Air Reserve Base, Schnebly Redland's Winery, and Turkey Point Nuclear Generating Station.

Homestead has some small law offices that can cater to the reasonable legal inquiries of residents. For larger legal issues, nearby Miami has many small to large size law firms with excellent attorneys, capable of handling the most complex legal matters. Therefore, the residents of Homestead can remain assured that any and every legal inquiry of theirs can be easily tackled.

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