The income tax in Bethany, Oklahoma is a tax imposed on all money earned and received during the year. Under federal law, income through 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 Oklahoma, were allowed to impose income taxes as they saw fit.

While the federal government levies an income tax against every person and corporation in the U.S., the income taxes imposed by the states vary widely. Some states have fairly high income taxes, and a few have none at all. You should consult with a Bethany, Oklahoma tax lawyer if you don't know what type of tax system your state has.

Income Tax Deductions in Bethany, Oklahoma

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.

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 typically reduces your tax bill more than a reduction of the same amount.

Many expenses in Bethany are tax-deductible, such as interest paid on mortgages, charitable contributions, the cost of tax advice, and union dues, among others.

How Can A Bethany, Oklahoma Tax Attorney Help?

Income tax laws are notoriously complex. If you reside in Bethany, Oklahoma and run into any type of tax problems, including an audit or wage garnishment, a local tax lawyer would almost certainly be able to help.