Personal Income Taxes
Thanks for stopping by. Are you wondering if there is someone in Deerfield Beach that can help get a handle on your personal income taxes? Then you are in the right place to get help, understand more about taxes, and how to properly handle filing a tax return. We are conveniently located on Hillsboro Boulevard in the Cove Shopping Center- Deerfield Beach, Florida. We regularly handle complex family tax scenarios all over South Florida.
The source of the personal income tax on individuals originates from the passage of the 16th Amendment in 1909; however, its history goes back to the civil war. After the Civil War started, Congress passed the Revenue Act of 1861. The act integrated a tax on personal incomes to assist in funding and paying for the war.
What is deemed as taxable income?
Individuals have to pay personal income taxes on a wide range of income types. Taxes can generally be applied to trust distributions, partnership interests, individual income, sole-proprietorships, and S Corporation owners. Individual income includes things like pension income, capital gains, annuity payments, royalty income, director fees, investment income, profits that come from trade or business tasks, and anything similar.
How are taxes collected?
There are three main methods for sending the government payments for personal income taxes. First, there are payments from a bank account. There is employer withholding from wages. Lastly there is withholding from retirement and investment income. Withholding from retirement and investment income is a convenient way for retirees to budget their taxes.
How are taxes calculated?
The tax system in the USA is a self-assessment system. The taxpayer is responsible for accurately calculating and reporting the amount of tax to the IRS. We help make sure that the tax bill is the lowest amount allowed by law. We can assure you our tax prep fees are worth it. Our competitive tax prep fees are small in comparison to any potential problems in dealing with the IRS.
Are these taxes mandatory and will there be any exclusions?
The personal income taxes are mandatory, and taxpayers have to obey their payment as fast as possible. That being said, there are some exclusions depending on each particular situation. One of the most popular income tax exclusions is a “tax free” gain on sale of a principal residence.
Personal income taxes are important as they are the backbone of our society. Our country needs these taxes to build roads, create schools and pay public doctors. So yes, generally earning income means declaring income to government and paying tax on the income.
Do you want to know whether you are included or excluded from the payment of personal income taxes? Please contact us to talk about taxes. Every person has a distinct situation; so obviously, there will be a different result all the time. One thing is certain; our tax prep fees are fair and will help steer clear of any IRS issues!
We offer free consultations. Call us to get a general indication of what your tax prep fees would be. The amount of our tax prep fee is usually very competitive. Usually our customers that have paid for Turbo Tax and spent four to five hours preparing their return are happy to pay our tax prep fees. What takes a non-professional four to five hours to prepare; we can perform in about a two billable hours.
To everyone in Deerfield Beach and South Florida we hope you make the most out of the situation. Remember, Safe Harbor Accounting will offer our years of experience to assist with your tax preparation.