Income Tax Lawyers in Schenectady, New York

Find the right Income Tax attorney in Schenectady, NY

In Schenectady, New York, the income tax is a tax imposed on money received (income) during a certain set time period. Under federal law, and the laws of most states, income from any source 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 New York were free to impose an income tax if they saw fit.

While the federal income tax applies to everybody 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 Schenectady, New York tax attorney or accountant to find out if your state is one of them.

Income Tax Deductions in Schenectady, New York

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.

There is also something called a tax credit, which is treated as a partial payment of the income tax. A tax credit almost always results in a lower tax bill than a deduction of the same amount.

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

How Can A Schenectady, New York Tax Attorney Help?

Income tax laws are notoriously complex. If you live in Schenectady, New York and run into any type of tax problems, including an audit or wage garnishment, a local tax attorney would almost certainly be able to help.

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Life in Schenectady

Schenectady, New York is a city in Schenectady County. It has a population of approximately 61,000 people, making it the ninth-largest city in New York State.

The name is a bit of a mouthful, and was derived from a Mohawk word that roughly translates to "near the pines" or "beyond the pines." It is part of the Albany Metropolitan Area.

The area was first settled by Europeans in 1661, as part of the Dutch colony of New Netherland, which comprised most of what is now the state of New York. In the 19th Century, Schenectady became an important transportation hub, connecting the Hudson River to the Great Lakes. In 1887, Thomas Edison moved Edison Machine Works to the city, and it then became the headquarters of General Electric, founded by Edison,which is now one of the largest companies in the world.

Modernly, Schenectady, New York is coming out of the hard economic times which many cities in Upstate New York endured throughout the second half of the 20th Century, but its economic outlook is improving.

If you live in Schenectady, New York and need an attorney, you probably won't have any problem finding the Schenectady, New York lawyer who is right for you.

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