In Rensselear County, New York, 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 constitutional authority to tax income thanks to the 16th Amendment, which was enacted in 1916. Before that time, the U.S. Supreme Court had consistently declared the federal income tax unconstitutional, but individual states, including New York were allowed to impose an income tax if they saw fit.
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 Rensselear County, New York tax Lawyer or accountant to find out if your state is one of them.
Income Tax Deductions in Rensselear County, New York
A tax deduction is a reduction in your taxable income. It results in less of one's income being taxable, which causes a reduced tax liability.
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 expenses in Rensselear County are tax-deductible, such as interest paid on mortgages, charitable contributions, the cost of tax advice, and union dues, among others.
How Can A Rensselear County, New York Tax Attorney Help?
Income tax law can get fairly complex in Rensselear County, New York. If you have any questions about your income tax liability, you should not hesitate to speak with a tax Lawyer sooner, rather than later.