Income Tax Lawyers in Franklin, New Jersey

Find the right Income Tax attorney in Franklin, NJ

In Franklin, New Jersey, 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 had the constitutional authority to impose an income tax since 1916, since the passage of the 16th Amendment. Before then, states could, and still can, impose whatever income tax they like, including in New Jersey.

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 Franklin, New Jersey tax lawyer or accountant to find out if your state is one of them.

Income Tax Deductions in Franklin, New Jersey

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.

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

How Can A Franklin, New Jersey Tax Attorney Help?

Income tax laws can get very complex. If you are in Franklin, New Jersey and have any questions about your taxes, you should consult with an accountant or local tax lawyer to avoid tax problems, such as audit or wage garnishment.

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Life in Franklin

Franklin is located in Sussex County, New Jersey. As of 2010, its population is 5,045 people. Franklin's nickname is the "Fluorescent Mineral Capital of the World," because it's location is over rich land that has over one hundred and fifty minerals. Many of the minerals are fluorescent, hence the name, and twenty-five of the minerals are found nowhere else on earth! Therefore, Franklin is a very special place.

The largest employer is the New Jersey Zinc Company. Earlier, smaller companies mined zing and iron in Franklin. In the early nineteenth century, zinc deposits were found in Franklin. Since then, zinc has become significant for the Franklin economy. The smaller companies merged into one large effort via the New Jersey Zinc Company, formed in 1897.

A few attorneys call Franklin home. These attorneys serve as a source of legal guidance for Franklin residents.

Overall, Franklin is a small city filled with history and rich in culture and minerals!

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