In Muscogee County, Georgia, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Typically, 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 Georgia.
The federal income tax must be paid by everybody 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 Attorney in Muscogee County, Georgia if you are not clear about what your state and federal tax liability.
Income Tax Deductions in Muscogee County, Georgia
A tax deduction is simply a reduction in the portion of a person's income which is taxable. For example, if someone makes ,000 per year, and gets a ,000 tax deduction, their taxable income is ,000.
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 Muscogee County are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.
How Can A Muscogee County, Georgia Tax Attorney Help?
Income tax law can get fairly complex in Muscogee County, Georgia. If you have any questions about your income tax liability, you should not hesitate to speak with a tax Attorney sooner, rather than later.