The income tax in Moncks Corner, South Carolina is a tax imposed on all money earned and received during the year. Under federal law, income from any source can be taxed. The federal government has had explicit constitutional power to impose an income tax since 1916, with the passage of the 16th Amendment. This came after the Supreme Court had repeatedly found a federal income tax to be unconstitutional. States, including South Carolina, have always been free to impose whatever type of income tax they liked.
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 Moncks Corner, South Carolina tax Attorney or accountant to find out if your state is one of them.
Income Tax Deductions in Moncks Corner, South Carolina
A tax deduction is a reduction in one's taxable income. It results in less of your income being taxable, which causes a lower tax liability.
Don't confuse a tax deduction with a tax credit. A tax credit simply reduces your tax bill by the amount of the credit. A tax credit usually reduces your tax bill more than a deduction of the same amount.
Many expenses in Moncks Corner are tax-deductible, such as interest paid on mortgages, charitable donations, the price of tax advice, and union dues, among others.
How Can A Moncks Corner, South Carolina Tax Attorney Help?
Income tax laws can get pretty complex. If you are in Moncks Corner, South Carolina and have any questions about your taxes, you should consult with an accountant or local tax Attorney to avoid tax problems, such as audit or wage garnishment.