In Long Beach, Mississippi, the income tax is a tax imposed on money received (income) during a given set time period. Under federal law, and the laws of most states, income from any source may be taxed. The federal government imposes an income tax on all persons and entities present in the United States. The authority 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 Mississippi, were allowed to impose income taxes as they saw fit.

Everyone in the United States must pay the federal income tax. However, you only have to pay the state income tax of the state in which you reside. You should speak with an accountant or tax lawyer in Long Beach, Mississippi if you aren't clear about what system your state has.

Income Tax Deductions in Long Beach, Mississippi

A tax deduction is a reduction in one's taxable income. For example, if a person makes ,000 per year, and receives a ,000 tax deduction, they will only have to pay taxes on the remaining ,000.

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

Many common expenses in Long Beach can be deducted from your taxable income. They include mortgage interest, charitable contributions (if property documented, of course), the price of tax advice, union dues, and many others.

How Can A Long Beach, Mississippi Tax Attorney Help?

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