In Winfield, 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 has had explicit constitutional power to impose an income tax since 1916, with the passage of the 16th Amendment. This came after the Supreme Court had repeatedly found a federal income tax to be unconstitutional. States, including Kansas, have always been free to impose whatever type of income tax they liked.
While the federal income tax applies to everybody in the United States, the income taxes imposed by individual states vary widely, and some states have no income tax at all. You should consult with a Winfield, Kansas tax Attorney or accountant to find out if your state is one of them.
Income Tax Deductions in Winfield, 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.
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 Winfield are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.
How Can A Winfield, Kansas Tax Attorney Help?
Income tax law can get fairly complex in Winfield, Kansas. If you have any questions about your income tax liability, you should not hesitate to speak with a tax Attorney sooner, rather than later.