In Concordia, Kansas, 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 Kansas, 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 Concordia, Kansas if you are not clear about what your state and federal tax liability.

Income Tax Deductions in Concordia, Kansas

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.

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 usually reduces your tax bill more than a deduction of the same amount.

Many expenses in Concordia are tax-deductible, such as interest paid on mortgages, charitable donations, the price of tax advice, and union dues, among others.

How Can A Concordia, Kansas Tax Attorney Help?

Income tax laws in Concordia, Kansas can get fairly complex. You should speak with an accountant or tax lawyer if you have any questions about your income tax liability.