The income tax in Greenville County, South Carolina 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 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 South Carolina were allowed to impose income taxes of their own.
The federal income tax must be paid by everyone in the U.S. However, you must only pay the state income tax of the state you live in. You should talk with a financial adviser or tax Lawyer in Greenville County, South Carolina if you are not clear about what your state and federal tax liability.
Income Tax Deductions in Greenville County, South Carolina
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 common expenses in Greenville County can be deducted, in whole or in part, from your taxable income. Federal tax deductions include charitable contributions, union dues, interest paid on a mortgage, and state and local taxes.
How Can A Greenville County, South Carolina Tax Attorney Help?
Income tax laws are notoriously complex. If you reside in Greenville County, South Carolina 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.