Description / Definition:

A tax on an individual's net income, after deductions for various expenses and payments such as charitable gifts, calculated on a formula which takes into consideration whether it is paid jointly by a married couple, the number of dependents of the taxpayers, special breaks for ages over 65, disabilities and other factors. Federal income taxes have been collected since 1913 when they were authorized by the 16th Amendment to the Constitution. Most states also assess income taxes, but at a substantially lower rate than that of the federal government.

Personal Federal, State, Local
Business Federal, State, Local
Transactional Litigation
Tax Planning: Income & Estate Asset Protection
0ffshore Asset Protection

Income Tax, A LIttle Law Book

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