In Hawkinsville, Georgia, 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 Georgia.
The federal income tax must be paid by everyone in the U.S. However, you must only pay the state income tax of the state you live in. You should talk with a financial adviser or tax lawyer in Hawkinsville, Georgia if you are not clear about what your state and federal tax liability.
Income Tax Deductions in Hawkinsville, Georgia
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 a reduction of a person's tax bill. A tax credit almost always results in a reduced tax burden than a tax reduction of the same amount.
Lots of expenses that are common in Hawkinsville are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.
How Can A Hawkinsville, Georgia Tax Attorney Help?
Income tax law can get fairly complex in Hawkinsville, Georgia. If you have any questions about your income tax liability, you should not hesitate to speak with a tax lawyer sooner, rather than later.