Income Tax Lawyers in Minneapolis, Minnesota

Find the right Income Tax attorney in Minneapolis, MN

In Minneapolis, Minnesota, 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 the constitutional power to tax income thanks to the 16th Amendment, which was enacted in 1916. Before that time, the U.S. Supreme Court had repeatedly declared the federal income tax unconstitutional, but individual states, including Minnesota were free to impose an income tax if they saw fit.

Everybody in the U.S. is subject to the federal income tax. But you are only subject to the income tax of the state in which you reside. Some states have no income tax at all. You should speak with an accountant or tax attorney in Minneapolis, Minnesota if you don't know what the tax system is here.

Income Tax Deductions in Minneapolis, Minnesota

A tax deduction is an expense which, in whole or in part, is subtracted from a person's taxable income. For example, if you make ,000 in a year, and the tax rate is 10%, a deduction of ,000 results in only ,000 being taxed. This means that you will pay ,900 instead of ,000.

This should not be confused with a tax credit, which is a reduction of a person's tax bill. A tax credit almost always results in a lower tax burden than a tax deduction of the same amount.

Many common expenses in Minneapolis 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 Minneapolis, Minnesota Tax Attorney Help?

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

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Life in Minneapolis

Minneapolis is the seat of Hennepin County and was dubbed the City of Lakes. Many know Minneapolis and Saint Paul as the "Twin Cities." Minneapolis was once world renown for being the worlds' source fro timber and the milling capital. Today, Minneapolis serves as the major business hub between Chicago and Seattle. The city is home to a number of cultural attractions and organizations. A number of book publishers like Graywolf are headquartered in Minneapolis. The theatre, writing, music, and visual art are emphasized though venues, galleries, annual events, and busy art business Minneapolis has to offer. Named the "Top Tech City" in 2008, Minneapolis is home to the headquarters of 6 of Fortune Magazine's top 500 companies in the world. The illustrious clase of Fortune 500 companies in Minneapolis include Target Corporation, U.S. Bankcorp, Xcel Energy, Pepsi, and Ameriprise Financial to name a few. The big companies fuel the local economy. Target employed more Minneapolis residents than any other company in 2009. Another big employer and attraction to Minneapolis is the University of Minnesota.

The Minnesota Vikings, Minnesota Twins, and Minnesota Timberwolves all cal Minneapolis home. The Target Center plays host to the NBA Timberwolves and a number of concerts each year. Target Field is the home of the Minnesota Twins professional baseball team. They won the World Series in 1987 and 1991.

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