What Is Federal Income Tax?
Federal income tax are scary words to hear, especially if you don't have a full understanding of it. Don't fret, there are many people like you who'd like to learn more about the subject and how federal taxes differ from other types of taxes such as state tax for example.
Federal Income Tax
The Internal Revenue Service (IRS) imposes a federal income tax on the yearly profits of individuals, companies, trusts, and other legal organizations. Federal income taxes are levied on all types of income that constitute a taxpayer's taxable income, such as wages or capital gains. The way federal income tax is that it's based on a progressive taxation system, which means that higher-income earners pay a greater tax rate. Taxpayers earning less than a government-set yearly threshold would pay little to no tax, but employees earning six figures or more have a required tax rate that applies to their income.
At the end of the day, you may carry heavy financial burdens from both state and federal taxes. Seeking relief programs for your state tax liabilities is not as common, and most of the heavy-hitting balances are due to back taxes imposed by the IRS. Fortunately, there is a way out of your federal tax dues by reducing the total amount that you owe. There's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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