In Marksville, Louisiana, income tax is imposed on most sources of income that a person receives in a certain year. Under federal, state, and most local laws income from all sources may be taxed. The federal government has had explicit constitutional authority to impose an income tax since 1916, with the passage of the 16th Amendment. This came after the Supreme Court had consistently found a federal income tax to be unconstitutional. States, including Louisiana, have always been allowed to impose whatever type of income tax they liked.

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 Marksville, Louisiana if you are not clear about what your state and federal tax liability.

Income Tax Deductions in Marksville, Louisiana

A tax deduction is simply a reduction in the part of a person's income that 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 reduced tax bill than a reduction of the same amount.

Lots of expenses that are common in Marksville are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.

How Can A Marksville, Louisiana Tax Attorney Help?

Income tax law can get fairly complex in Marksville, Louisiana. If you have any questions about your income tax liability, you should not hesitate to speak with a tax Lawyer sooner, rather than later.