Income Tax Lawyers in Lafayette, Indiana

Find the right Income Tax attorney in Lafayette, IN

In Lafayette, Indiana, income tax is imposed on most sources of income that a person receives in a given year. Under federal, state, and most local laws income from all sources can be taxed. The federal government imposes an income tax on all persons and entities present in the United States. The power to tax incomes was granted to the federal government in 1913 with the ratification of the 16th Amendment to the Constitution. Before that time, the Supreme Court had found a federal income tax unconstitutional, prompting the passage of the amendment. Of course, individual states, including Indiana, were free to impose income taxes as they saw fit.

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 Lafayette, Indiana if you are not clear about what your state and federal tax liability.

Income Tax Deductions in Lafayette, Indiana

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.

Don't confuse a tax deduction with a tax credit. A tax credit simply reduces your tax bill by the amount of the credit. A tax credit normally reduces your tax bill more than a deduction of the same amount.

Many common expenses in Lafayette can be deducted, in whole or in part, from your taxable income. Federal tax deductions include charitable donations, union dues, interest paid on a mortgage, and state and local taxes.

How Can A Lafayette, Indiana 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 Lafayette, Indiana tax attorney to avoid the consequences of under-paying, and to prevent you from over-paying.

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Life in Lafayette

Lafayette is in Tippecanoe County, Indiana. The population of Lafayette is around 67,150. Lafayette is located across the Wabash River.

Lafayette is known because it is home to Purdue University. Alongside Purdue, top employers include Alcoa, Caterpillar, Wabash International, Subaru, Evonik, Tate Lyle, TRW, Landis+Gyr, and Rea Magnet Wire. To support all these companies, Lafayette is home to many attorneys who provide excellent legal services. Additionally, Lafayette residents can travel to nearby Chicago for complex legal matters. Chicago, after all, is home to some of the largest and most well-known firms in the nation.

Three of the most popular attractions include Jerry E. Clegg Botanic Garden, Horticulture Gardens, and Purdue University.

Some famous residents include Karen Black, Jeremy Camp, Shannon Hoon, John Korty, and Izzy Stradlin.

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