Income Tax Lawyers in Norfolk, Virginia

Find the right Income Tax attorney in Norfolk, VA

The income tax in Norfolk, Virginia is a tax imposed on all of the income earned or received by a person or corporation during a given year. Under federal law, almost any type of income can be taxed. The federal government imposes an income tax on all persons and entities present in the United States. The power 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 Virginia, were free 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 relatively high income taxes, and a few have none at all. You should consult with a Norfolk, Virginia tax Attorney if you don't know what type of tax system your state has.

Income Tax Deductions in Norfolk, Virginia

A tax deduction is a reduction in the portion of a person's income that is taxable, resulting in a lower tax liability. For example, suppose your income tax rate is 10%, and you had ,000 in income last year. If you got a ,000 tax deduction, your taxable income would be ,000, and you would have to pay 10% on that. So, it would reduce your tax liability from to .

This should not be conflated with a tax credit, which is a reduction in one's tax bill. A tax credit usually results in a greater reduction in tax liability than a deduction in the same amount.

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

How Can A Norfolk, Virginia Tax Attorney Help?

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

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Life in Norfolk

Norfolk is Virginia's second-largest city. It is an independent city, and therefore not part of any county. It currently has a population of about 233,000 people.

Norfolk, Virginia was founded as an English colony in the 1620s, during the early days of English settlement in North America. By the time of American independence, Norfolk was considered one of the wealthiest cities in Virginia, owing its prosperity mostly to the burgeoning tobacco industry.

Modernly, Norfolk is coming out of some hard economic times. It is currently in the throes of a major urban renewal project, aimed at attracting businesses and residents back to its urban core. Norfolk's economy has been sustained by the presence of a naval shipyard, as well as a major commercial port, both of which provide thousands of jobs. Norfolk is also home to the headquarters of several Fortune 500 companies.

Because of its economic and demographic diversity, Norfolk, Virginia, there is a thriving and sophisticated legal community there. Norfolk, Virginia lawyers are capable of handling just about any legal problem a person might have. If you have any legal issues, you should contact a Norfolk, Virginia lawyer as soon as possible.