The income tax in Lander, Wyoming 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 has the power 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 Wyoming were free to impose income taxes of their own.

Everybody in the United States must pay the federal income tax. However, you only have to pay the state income tax of the state in which you reside. You should speak with an accountant or tax lawyer in Lander, Wyoming if you aren't clear about what system your state has.

Income Tax Deductions in Lander, Wyoming

A tax deduction is an expense which, in whole or in part, is subtracted from a person's taxable income. For example, if you make ,000 in a year, and the tax rate is 10%, a deduction of ,000 results in only ,000 being taxed. This means that you will pay ,900 instead of ,000.

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 lower tax burden than a tax deduction of the same amount.

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

How Can A Lander, Wyoming Tax Attorney Help?

Income tax law can get fairly complex in Lander, Wyoming. If you have any questions about your income tax liability, you should not hesitate to speak with a tax attorney sooner, rather than later.