Income Tax Lawyers in Irving, Texas

Find the right Income Tax attorney in Irving, TX

The income tax in Irving, Texas 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 constitutional authority to tax income thanks to the 16th Amendment, which was enacted in 1916. Before that time, the U.S. Supreme Court had consistently declared the federal income tax unconstitutional, but individual states, including Texas were allowed to impose an income tax if they saw fit.

While the federal income tax applies to everyone 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 an Irving, Texas tax lawyer or accountant to find out if your state is one of them.

Income Tax Deductions in Irving, Texas

A tax deduction is a reduction in one's taxable income. For example, if a person makes ,000 per year, and receives a ,000 tax deduction, they will only have to pay taxes on the remaining ,000.

This should not be confused with a tax credit, which is simply a reduction in somebody's tax bill. A tax credit will usually reduce your tax liability far more than a tax reduction of the same amount.

Lots of expenses that are common in Irving are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.

How Can A Irving, Texas Tax Attorney Help?

Income tax laws can get quite complex, particularly when large amounts of money from multiple sources are involved. It would not be a bad idea to call an Irving, Texas tax lawyer to avoid the consequences of under-paying, and to prevent you from over-paying.

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Life in Irving

Irving, Texas is most notable for encompassing the master-planned Las Colinas development and the Mustangs at Las Colinas sculpture, which is the largest equestrian sculpture in the world. The massive sculpture depicts a band of horses running through a splashing fountain at 1.5 times their actual size and extends 400 feet. Others may know Irving as the home to the Dallas/Fort Worth International Airport that fits just inside city limits. The outstanding neighborhoods and easy airport access makes Irving an ideal location for business executives to headquarter their businesses.

Irving is home to lots of household names like Chuck E. Cheese's, Hostess Brands, Omni Hotels, ExxonMobil, and Kimberly-Clark producer of Kleenex, Cottonelle, Huggies, and Kotex feminine products. Additionally, the National Headquarters for the Boy Scouts of America calls Irving home. You know it's a standout community when the Boy Scouts approve.

Notable residents of Irving include ZZ Top drummer Frank Beard, Olympic sprinter Jeremy Warner, pro football player Demarcus Faggins. Surprisingly, Lee Harvey Oswald, accused assassin of President John F. Kennedy, lived with his family there for a period of time. Many believe he lived within Dallas. Irving has much more history for visitors and residents to enjoy because it's been around for over a century. Irving was founded in 1903 and named for author Washington Irving who was a favorite of a co-founder's wife.

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