The income tax in Mullins, 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 Mullins, South Carolina tax Attorney or accountant to find out if your state is one of them.

Income Tax Deductions in Mullins, 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 normally reduces your tax bill more than a deduction of the same amount.

Many common expenses in Mullins can be deducted, in whole or in part, from your taxable income. Federal tax deductions include charitable donations, union dues, interest paid on a mortgage, and state and local taxes.

How Can A Mullins, South Carolina Tax Attorney Help?

Income tax laws can get quite complex, especially when large amounts of money from multiple sources are involved. It would not be a bad idea to call a Mullins, South Carolina tax Attorney to avoid the consequences of under-paying, and to prevent you from over-paying.