Income Tax Lawyers in Winston Salem, North Carolina

Find the right Income Tax attorney in Winston Salem, NC

In Winston Salem, North Carolina, 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 has the authority to impose an income tax thanks to the 16th Amendment to the U.S. Constitution, enacted in 1916 after the Supreme Court had, on more than one occasion, found a federal income tax to be unconstitutional. Of course, before and after the creation of the federal income tax, states, including North Carolina were allowed to impose income taxes of their own.

While the federal income tax applies to everyone 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 Winston Salem, North Carolina tax lawyer or accountant to find out if your state is one of them.

Income Tax Deductions in Winston Salem, North Carolina

A tax deduction is a reduction in the portion of a person's income that is taxable, resulting in a reduced tax liability. For example, suppose your income tax rate is 10%, and you had ,000 in income last year. If you received a ,000 tax deduction, your taxable income would be ,000, and you would have to pay 10% on that. So, it would lower your tax liability from to .

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 reduced tax burden than a tax reduction of the same amount.

Many common expenses in Winston Salem 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 Winston Salem, North Carolina Tax Attorney Help?

Income tax laws in Winston Salem, North Carolina can get very complex. You should speak with an accountant or tax attorney if you have any questions about your income tax liability.

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Life in Winston Salem

Winston-Salem is the largest city in the State of North Carolina and the seat of Forsyth County. It's likely you know Winston-Salem for it's historic role in the tobacco trade. It's been nicknamed "Camel City" in reference to tobacco, "City of the Arts" for the commitment to fine arts and theater, and called simply "The Dash" by many locals.

Winston-Salem offers the Reynolda House Museum of American Art. The Reynolda House was built by Katharine Smith and R.J. Reynolds in 1917 and was recently restored with help from the R.J. Reynolds Tobacco Company.

Additionally, Winston-Salem offers the Southeastern Center for Contemporary Art (SECCA) for visitors who flock to town for Nationally recognized festivals like the National Black Theatre Festival, RiverRun International Film Festival, and the Reynolda Film Festival started by local Wake Forest students in 2007.

A number of Winston-Salem residents are drawn to the city because there are many outstanding schools. Wake Forest University, Winston-Salem State University, University of North Carolina School of the Arts, Salem College, Piedmont Baptist College, Winston-Salem Bible College, and Forsyth Technical Community College are all located within city limits.

As the seat of Forsyth County, Winston-Salem is responsible for playing host to a bevy of government facilities including legislative and legal facilities. Forsyth County Courts are located in Winston-Salem, along with city courts, which are responsible for handling most cases that arise in the area including personal injury lawsuit, wrongful termination, divorce, and criminal cases.

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