Taxes in the United States exist at several levels: federal, state and local. Federal taxes are the same for the whole country, while the rest are set by the local government. In total, there are quite a lot of taxes, so they can be accounted with special software or professional companies. The U.S. Internal Revenue Service (IRS) controls the entire process.
Income tax in the United States is paid on salaries as well as on commissions, fees, dividends, gambling winnings, tips, income earned abroad, and even pensions and unemployment benefits. The amount is the sum of federal and state income tax. The main types are real estate taxes (property tax) and sales taxes, as well as social security taxes paid by both employers and employees.
There are also a lot of taxes and fees for services such as driving licences, parking, health insurance, starting a business, etc. A significant part of the taxes paid are returned by the state after the submission of the tax return.
In America, it is customary to keep a careful record of all their taxable income all year round, and then file their own tax returns. However, there are categories of people who do not need to do this. In any case, it is much more convenient to entrust the preparation of a tax return to professionals who will not make mistakes during their work.
US tax system
The U.S. states have quite a lot of freedom in the sphere of tax setting, as the federal legislation does not contain a specific list for the implementation of taxes. Most taxes are progressive, but there are also fixed taxes. It is better to use a professional service for tax preparation tucson https://southwesttaxassociates.com/. This way you can avoid mistakes with your tax return.
The tax system of the United States is considered one of the best and most advanced systems in the world. At the same time, you can find many different tools that may help you to file a tax return. Depending on the complexity of your situation, you can use special applications, official free services or services of companies that are professionally engaged in the preparation of tax returns. Choose the option that is most effective in your case.
United States tax return: filing tips
The tax return should be filed by April 15, but the preparation of reports should be done in advance, because a few weeks before the deadline accountants may be overwhelmed with work.
If you do not use the services of an accountant, there are various programs or professional companies to help you. It is also possible to use the help of the tax administration itself, bu there are so many people who want to get advice that you will have to wait for a long time to answer the call.
And don’t forget about financial assets abroad. If their amount exceeds $50000, then the information about income should be specified in the tax return.