How Much Are Taxes In Us? Understanding US tax rates involves navigating federal, state, and local levels. HOW.EDU.VN provides expert guidance to demystify these complexities, ensuring you’re informed and prepared. From income tax to property tax, this comprehensive guide offers clarity and empowers you to optimize your tax planning. Explore tax obligations and strategies with our team of Ph.D. experts.
1. Understanding the Basics of US Taxes
How do US taxes work at the fundamental level? The US tax system operates on a progressive structure at the federal level, meaning higher income earners pay a larger percentage of their income in taxes. This is in addition to state and local taxes, which can vary significantly depending on your location.
The United States operates on a multi-layered tax system that includes federal, state, and sometimes local taxes. Each level of government uses these taxes to fund public services and infrastructure.
1.1. Federal Income Tax
What is the federal income tax and how does it impact individuals? The federal income tax is the primary source of revenue for the US government, funding everything from national defense to social security. It’s a progressive tax system, meaning the more you earn, the higher the tax rate you pay.
The federal income tax is calculated based on your taxable income, which is your gross income minus certain deductions and exemptions. The tax rates are divided into income ranges called tax brackets. As of 2023, there are seven federal income tax brackets:
- 10%
- 12%
- 22%
- 24%
- 32%
- 35%
- 37%
Example:
Let’s say your taxable income falls into the 22% tax bracket. This doesn’t mean you pay 22% on all of your income. Instead, you pay 10% on the portion of your income that falls into the 10% bracket, 12% on the portion that falls into the 12% bracket, and so on. Only the portion of your income that falls into the 22% bracket is taxed at 22%.
1.2. State and Local Taxes
What types of taxes are levied at the state and local levels? In addition to federal taxes, most states and many local governments also impose taxes. These can include:
- State Income Tax: Many states have their own income tax systems, which can be either progressive or flat.
- Sales Tax: This is a percentage of the purchase price of goods and services.
- Property Tax: This is based on the assessed value of real estate and is usually collected by local governments to fund schools and other local services.
1.3. Other Types of Taxes
What other taxes should US residents be aware of? Beyond income, sales, and property taxes, there are several other types of taxes to be aware of:
- Social Security and Medicare Taxes: These are payroll taxes, also known as FICA taxes, that fund Social Security and Medicare.
- Estate Tax: This is a tax on the transfer of property at death.
- Gift Tax: This is a tax on the transfer of property during life.
1.4. Understanding Tax Forms
What are the main tax forms used in the US? Navigating the US tax system requires familiarity with various tax forms. Here are some of the most common:
- Form 1040: Used for individual income tax returns.
- Form W-2: Reports wages paid to employees and the taxes withheld from their paychecks.
- Form 1099: Used to report various types of income, such as payments to independent contractors, dividends, and interest.
- Schedule A: Used to itemize deductions on Form 1040.
- Schedule C: Used by self-employed individuals to report profit or loss from their business.
Understanding these forms is essential for accurately filing your taxes and claiming any deductions or credits you’re eligible for.
2. Federal Income Tax Rates: An In-Depth Look
How are federal income tax rates structured in the United States? The federal income tax in the US is structured using a progressive tax system. This means that as your income increases, the percentage of tax you pay also increases, but only for the income that falls into higher tax brackets.
2.1. 2023 Tax Brackets
What were the federal income tax brackets for the 2023 tax year? For the 2023 tax year (taxes filed in 2024), the federal income tax brackets are as follows:
Single Filers:
| Tax Rate | Income Range |
|---|---|
| 10% | $0 to $11,000 |
| 12% | $11,001 to $44,725 |
| 22% | $44,726 to $95,375 |
| 24% | $95,376 to $182,100 |
| 32% | $182,101 to $231,250 |
| 35% | $231,251 to $578,125 |
| 37% | Over $578,125 |
Married Filing Jointly:
| Tax Rate | Income Range |
|---|---|
| 10% | $0 to $22,000 |
| 12% | $22,001 to $89,450 |
| 22% | $89,451 to $190,750 |
| 24% | $190,751 to $364,200 |
| 32% | $364,201 to $462,500 |
| 35% | $462,501 to $693,750 |
| 37% | Over $693,750 |
Head of Household:
| Tax Rate | Income Range |
|---|---|
| 10% | $0 to $16,500 |
| 12% | $16,501 to $59,850 |
| 22% | $59,851 to $126,900 |
| 24% | $126,901 to $215,950 |
| 32% | $215,951 to $539,900 |
| 35% | $539,901 to $677,500 |
| 37% | Over $677,500 |
2.2. 2024 Tax Brackets
What are the projected federal income tax brackets for the 2024 tax year? For the 2024 tax year (taxes filed in 2025), the federal income tax brackets have been adjusted for inflation:
Single Filers:
| Tax Rate | Income Range |
|---|---|
| 10% | $0 to $11,600 |
| 12% | $11,601 to $47,150 |
| 22% | $47,151 to $100,525 |
| 24% | $100,526 to $191,950 |
| 32% | $191,951 to $243,725 |
| 35% | $243,726 to $609,350 |
| 37% | Over $609,350 |
Married Filing Jointly:
| Tax Rate | Income Range |
|---|---|
| 10% | $0 to $23,200 |
| 12% | $23,201 to $94,300 |
| 22% | $94,301 to $201,050 |
| 24% | $201,051 to $383,900 |
| 32% | $383,901 to $487,450 |
| 35% | $487,451 to $731,150 |
| 37% | Over $731,150 |
Head of Household:
| Tax Rate | Income Range |
|---|---|
| 10% | $0 to $17,400 |
| 12% | $17,401 to $63,100 |
| 22% | $63,101 to $133,650 |
| 24% | $133,651 to $218,800 |
| 32% | $218,801 to $578,125 |
| 35% | $578,126 to $731,150 |
| 37% | Over $731,150 |
2.3. How Tax Brackets Work
How does the progressive tax system actually function? It’s important to understand that these brackets are marginal. This means you only pay the higher rate on the portion of your income that falls within that bracket. For example, if you’re a single filer with a taxable income of $50,000 in 2024, you would calculate your taxes as follows:
- 10% on the first $11,600: $1,160
- 12% on the income between $11,601 and $47,150: ($47,150 – $11,600) * 0.12 = $4,266
- 22% on the income between $47,151 and $50,000: ($50,000 – $47,150) * 0.22 = $627
Total Federal Income Tax: $1,160 + $4,266 + $627 = $6,053
2.4. Impact of Deductions and Credits
How can deductions and credits lower your tax liability? Deductions and credits can significantly reduce your tax liability. Deductions lower your taxable income, while credits directly reduce the amount of tax you owe. Common deductions include the standard deduction, itemized deductions (such as mortgage interest, state and local taxes, and charitable contributions), and deductions for IRA contributions.
Tax credits, like the Child Tax Credit, Earned Income Tax Credit, and education credits, can provide significant tax savings. It’s essential to explore all eligible deductions and credits to minimize your tax burden. Consult with the experts at HOW.EDU.VN to ensure you’re taking full advantage of these opportunities.
3. State Income Tax: A State-by-State Overview
How do state income taxes vary across the US? State income tax rates and structures vary widely across the United States. Some states have no income tax, while others have progressive or flat tax systems. Understanding your state’s income tax rules is crucial for accurate tax planning.
3.1. States with No Income Tax
Which states do not impose a state income tax? As of 2024, there are nine states with no state income tax:
- Alaska
- Florida
- Nevada
- New Hampshire (only taxes interest and dividends)
- South Dakota
- Tennessee (phasing out the tax on interest and dividends)
- Texas
- Washington
- Wyoming
Residents of these states only pay federal income taxes, along with any applicable local taxes.
3.2. States with Flat Income Tax
Which states have a flat income tax rate? Several states have a flat income tax, meaning everyone pays the same tax rate regardless of their income level. As of 2024, these states include:
- Colorado: 4.40%
- Illinois: 4.95%
- Indiana: 3.23%
- Kentucky: 4.50%
- Massachusetts: 5.00%
- Michigan: 4.25%
- North Carolina: 4.75%
- Pennsylvania: 3.07%
- Utah: 4.85%
3.3. States with Progressive Income Tax
Which states use a progressive income tax system? Many states have a progressive income tax system, similar to the federal system, where higher income earners pay higher tax rates. Here are a few examples:
- California: Tax rates range from 1% to 12.3% (plus an additional 1% surcharge for high earners)
- New York: Tax rates range from 4% to 10.90%
- Oregon: Tax rates range from 4.75% to 9.9%
- Minnesota: Tax rates range from 5.35% to 9.85%
3.4. Impact of State Taxes on Overall Tax Burden
How do state income taxes affect your total tax burden? State income taxes can significantly impact your overall tax burden. Residents of states with high income taxes may pay considerably more in taxes than those in states with no income tax or low flat taxes.
Example:
Consider two individuals with the same federal taxable income of $75,000. One lives in Texas (no state income tax), while the other lives in California. The California resident will pay both federal and state income taxes, resulting in a higher overall tax burden.
4. Property Tax: Understanding Local Tax Assessments
What is property tax and how is it determined? Property tax is a local tax assessed on real estate, including land and buildings. It is a primary source of revenue for local governments, funding schools, infrastructure, and other public services. The amount of property tax you pay depends on the assessed value of your property and the local tax rate.
4.1. How Property Tax is Calculated
How do local governments calculate property tax? Property tax is typically calculated as follows:
- Assessment: Local assessors determine the market value of your property.
- Assessment Ratio: Some jurisdictions use an assessment ratio, which is a percentage of the market value.
- Taxable Value: The assessed value (or the value after applying the assessment ratio) is then reduced by any exemptions, such as homestead exemptions.
- Tax Rate: The local government sets a tax rate, often expressed as a millage rate (e.g., $10 per $1,000 of assessed value).
- Property Tax: The taxable value is multiplied by the tax rate to determine the amount of property tax you owe.
Formula:
Property Tax = (Assessed Value – Exemptions) * Tax Rate
4.2. Factors Affecting Property Tax
What factors influence the amount of property tax you pay? Several factors can affect the amount of property tax you pay:
- Location: Property tax rates vary widely by city, county, and state.
- Property Value: Higher property values generally result in higher property taxes.
- Exemptions: Homestead exemptions, senior citizen exemptions, and other exemptions can reduce your taxable value.
- Tax Rate: Local governments set the tax rate based on their budgetary needs.
- Property Improvements: Renovations and additions can increase your property’s assessed value.
4.3. Property Tax Rates by State
How do property tax rates compare across different states? Property tax rates vary significantly by state. Here are some states with relatively high and low property tax rates:
States with High Property Tax Rates:
| State | Average Property Tax Rate (as % of home value) |
|---|---|
| New Jersey | 2.21% |
| Illinois | 2.15% |
| New Hampshire | 2.04% |
| Connecticut | 1.72% |
| Texas | 1.66% |
States with Low Property Tax Rates:
| State | Average Property Tax Rate (as % of home value) |
|---|---|
| Hawaii | 0.31% |
| Alabama | 0.41% |
| Louisiana | 0.51% |
| South Carolina | 0.57% |
| West Virginia | 0.58% |
4.4. Appealing Property Tax Assessments
What can you do if you believe your property assessment is too high? If you believe your property assessment is too high, you have the right to appeal. The process typically involves:
- Reviewing Your Assessment: Check the details of your assessment for accuracy.
- Gathering Evidence: Collect evidence to support your claim, such as comparable sales data or appraisal reports.
- Filing an Appeal: Submit a formal appeal to the local tax assessor’s office within the specified deadline.
- Attending a Hearing: You may be required to attend a hearing to present your case.
It’s essential to be prepared and present a well-documented case to increase your chances of a successful appeal. Consulting with a tax professional at HOW.EDU.VN can provide valuable guidance throughout this process.
5. Sales Tax: Understanding Consumption-Based Taxes
What is sales tax and how does it work? Sales tax is a consumption-based tax imposed on the sale of goods and services. It is typically collected by retailers at the point of sale and remitted to the state and local governments. Sales tax rates vary widely by state and even by city or county.
5.1. State Sales Tax Rates
What are the state sales tax rates across the US? As of 2024, the state sales tax rates range from 0% to 7.25%. Here’s a list of states with the highest and lowest sales tax rates:
States with Highest Sales Tax Rates:
| State | State Sales Tax Rate |
|---|---|
| California | 7.25% |
| Indiana | 7.00% |
| Mississippi | 7.00% |
| Rhode Island | 7.00% |
| Tennessee | 7.00% |
States with No State Sales Tax:
- Alaska
- Delaware
- Montana
- New Hampshire
- Oregon
It’s important to note that many states allow local governments to impose additional sales taxes, which can significantly increase the total sales tax rate in certain areas.
5.2. Local Sales Tax Rates
How do local sales taxes affect the total sales tax you pay? Many cities and counties impose their own sales taxes in addition to the state sales tax. These local sales taxes can vary widely, leading to significant differences in sales tax rates within the same state.
Example:
In California, the state sales tax rate is 7.25%, but local governments can add their own taxes, resulting in total sales tax rates as high as 10.75% in some areas.
5.3. Sales Tax Exemptions
What types of purchases are typically exempt from sales tax? Many states offer sales tax exemptions for certain types of purchases, such as:
- Groceries: Many states exempt or tax groceries at a reduced rate.
- Prescription Drugs: Prescription medications are typically exempt from sales tax.
- Clothing: Some states offer sales tax holidays for clothing purchases.
- Certain Services: The taxability of services varies widely by state.
Understanding these exemptions can help you save money on your purchases.
5.4. Online Sales Tax
How does sales tax apply to online purchases? The rules for online sales tax have evolved in recent years. Prior to the Supreme Court’s decision in South Dakota v. Wayfair (2018), states could only require businesses with a physical presence in the state to collect sales tax.
Now, states can require online retailers to collect sales tax even if they don’t have a physical presence in the state. This has led to a more level playing field between brick-and-mortar stores and online retailers.
6. Social Security and Medicare Taxes (FICA)
What are Social Security and Medicare taxes and how do they work? Social Security and Medicare taxes, also known as FICA taxes, are payroll taxes that fund Social Security and Medicare benefits. These taxes are paid by both employers and employees.
6.1. Current FICA Tax Rates
What are the current tax rates for Social Security and Medicare? As of 2024, the FICA tax rates are:
- Social Security: 6.2% of the first $168,600 of earnings (paid by both employer and employee)
- Medicare: 1.45% of all earnings (paid by both employer and employee)
Self-employed individuals pay both the employer and employee portions of these taxes, for a total of 15.3% (12.4% for Social Security and 2.9% for Medicare).
6.2. Additional Medicare Tax
What is the additional Medicare tax and who is subject to it? In addition to the regular Medicare tax, high-income earners are subject to an additional Medicare tax of 0.9% on earnings above certain thresholds:
- $200,000 for single filers
- $250,000 for married filing jointly
- $125,000 for married filing separately
This additional tax is only paid by the employee, not the employer.
6.3. Self-Employment Tax
How does self-employment tax work? Self-employed individuals are responsible for paying both the employer and employee portions of FICA taxes. This is known as self-employment tax.
However, self-employed individuals can deduct one-half of their self-employment tax from their gross income, which reduces their adjusted gross income (AGI) and their overall tax liability.
6.4. Impact of FICA Taxes on Take-Home Pay
How do FICA taxes affect your net income? FICA taxes can significantly impact your take-home pay. Employees should factor these taxes into their budget and financial planning. Self-employed individuals should also plan for these taxes when estimating their income and expenses. Consulting with a financial advisor at HOW.EDU.VN can provide personalized guidance on managing your taxes and finances.
7. Estate and Gift Taxes: Planning for Wealth Transfer
What are estate and gift taxes and how do they apply? Estate and gift taxes are taxes on the transfer of property, either at death (estate tax) or during life (gift tax). These taxes are designed to prevent the wealthy from avoiding income taxes by transferring assets to their heirs.
7.1. Estate Tax
How does the federal estate tax work? The federal estate tax is imposed on the transfer of property at death. However, it only applies to estates above a certain threshold, known as the estate tax exemption.
As of 2024, the federal estate tax exemption is $13.61 million per individual. This means that only estates worth more than $13.61 million are subject to the federal estate tax. Married couples can effectively double this exemption, allowing them to transfer up to $27.22 million without incurring estate tax.
The estate tax rate ranges from 18% to 40%, depending on the size of the estate.
7.2. Gift Tax
What is the gift tax and how does it relate to the estate tax? The gift tax is imposed on the transfer of property during life. The purpose of the gift tax is to prevent individuals from avoiding estate tax by giving away their assets before death.
The annual gift tax exclusion is $18,000 per recipient for 2024. This means you can give up to $18,000 to any individual without incurring gift tax.
Gifts above the annual exclusion count against your lifetime estate and gift tax exemption. This means that if you give away more than $18,000 to an individual in a year, the excess will reduce the amount you can pass on tax-free at death.
7.3. State Estate and Inheritance Taxes
Do any states impose their own estate or inheritance taxes? Some states also impose their own estate or inheritance taxes. Estate taxes are similar to the federal estate tax, while inheritance taxes are imposed on the recipients of the property.
As of 2024, the following states have estate taxes:
- Connecticut
- Hawaii
- Illinois
- Maryland
- Massachusetts
- Minnesota
- New York
- Oregon
- Rhode Island
- Vermont
- Washington
The following states have inheritance taxes:
- Iowa
- Kentucky
- Maryland
- Nebraska
- New Jersey
- Pennsylvania
7.4. Estate Planning Strategies
What are some effective strategies for estate planning? Estate planning involves developing a plan for managing and distributing your assets after death. Some common estate planning strategies include:
- Creating a Will: A will is a legal document that specifies how your assets should be distributed.
- Establishing a Trust: A trust is a legal entity that holds assets for the benefit of others.
- Making Gifts: Making gifts during your lifetime can reduce the size of your estate and potentially save on estate taxes.
- Purchasing Life Insurance: Life insurance can provide funds to pay estate taxes or provide for your heirs.
Consulting with an estate planning attorney and a tax advisor at HOW.EDU.VN can help you develop a comprehensive estate plan that meets your needs and goals.
8. Tax Deductions and Credits: Maximizing Your Tax Savings
How can you reduce your tax liability through deductions and credits? Tax deductions and credits can significantly reduce your tax liability. Deductions lower your taxable income, while credits directly reduce the amount of tax you owe.
8.1. Standard Deduction vs. Itemized Deductions
What is the difference between the standard deduction and itemized deductions? Taxpayers can choose to take the standard deduction or itemize their deductions. The standard deduction is a fixed amount that varies based on your filing status. For 2024, the standard deduction amounts are:
- $14,600 for single filers
- $29,200 for married filing jointly
- $21,900 for head of household
Itemized deductions are specific expenses that you can deduct from your taxable income. Common itemized deductions include:
- Medical Expenses: You can deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI).
- State and Local Taxes (SALT): You can deduct up to $10,000 in state and local taxes, including property taxes and either state income taxes or sales taxes.
- Mortgage Interest: You can deduct the interest you pay on your home mortgage, up to certain limits.
- Charitable Contributions: You can deduct contributions to qualified charities, up to certain limits.
You should choose whichever method results in the lower tax liability. In general, if your itemized deductions exceed the standard deduction, you should itemize.
8.2. Common Tax Deductions
What are some frequently used tax deductions? Here are some other common tax deductions:
- IRA Contributions: You can deduct contributions to a traditional IRA, up to certain limits.
- Student Loan Interest: You can deduct the interest you pay on student loans, up to $2,500 per year.
- Health Savings Account (HSA) Contributions: You can deduct contributions to an HSA.
- Self-Employment Tax Deduction: Self-employed individuals can deduct one-half of their self-employment tax.
8.3. Common Tax Credits
What are some popular tax credits that can lower your tax bill? Tax credits directly reduce the amount of tax you owe. Some common tax credits include:
- Child Tax Credit: You may be eligible for a child tax credit for each qualifying child.
- Earned Income Tax Credit (EITC): The EITC is a credit for low- to moderate-income workers and families.
- Child and Dependent Care Credit: You may be able to claim this credit if you pay for childcare expenses that allow you to work or look for work.
- Education Credits: The American Opportunity Tax Credit and the Lifetime Learning Credit can help offset the cost of higher education.
- Energy Credits: There are credits available for making energy-efficient improvements to your home.
8.4. Maximizing Your Tax Savings
How can you effectively maximize your tax savings? To maximize your tax savings, it’s important to:
- Keep Good Records: Keep track of your income, expenses, and deductions.
- Explore All Eligible Deductions and Credits: Research all the deductions and credits you may be eligible for.
- Consider Tax Planning Strategies: Work with a tax professional to develop a tax plan that meets your needs and goals.
- Stay Informed: Stay up-to-date on the latest tax laws and regulations.
Consulting with the experts at HOW.EDU.VN can provide personalized guidance on maximizing your tax savings.
9. Tax Planning Strategies: Minimizing Your Tax Liability
How can you proactively plan to reduce your tax burden? Tax planning involves developing strategies to minimize your tax liability over time. Effective tax planning can help you save money and achieve your financial goals.
9.1. Retirement Planning
How can retirement planning help reduce your taxes? Retirement planning can offer significant tax benefits. Contributions to tax-deferred retirement accounts, such as 401(k)s and traditional IRAs, are typically tax-deductible. This means you can reduce your taxable income in the year you make the contribution.
Additionally, the earnings in these accounts grow tax-deferred, meaning you don’t pay taxes on the earnings until you withdraw them in retirement.
Roth IRAs offer a different tax benefit. Contributions to a Roth IRA are not tax-deductible, but withdrawals in retirement are tax-free. This can be a valuable option if you expect to be in a higher tax bracket in retirement.
9.2. Investment Planning
How can strategic investment planning minimize taxes? Investment planning can also help minimize your taxes. Some strategies include:
- Tax-Loss Harvesting: This involves selling investments that have lost value to offset capital gains.
- Investing in Tax-Advantaged Accounts: Consider investing in tax-advantaged accounts, such as 529 plans for education savings.
- Choosing Tax-Efficient Investments: Some investments, such as municipal bonds, are exempt from federal income tax.
9.3. Business Tax Planning
What tax planning strategies are available for businesses? If you own a business, there are several tax planning strategies you can use to minimize your tax liability:
- Choosing the Right Business Structure: The structure of your business (e.g., sole proprietorship, partnership, S corporation, C corporation) can have a significant impact on your taxes.
- Deducting Business Expenses: You can deduct ordinary and necessary business expenses, such as rent, salaries, and supplies.
- Taking Advantage of Depreciation: You can deduct the cost of certain assets over time through depreciation.
- Claiming the Qualified Business Income (QBI) Deduction: This deduction allows eligible self-employed individuals and small business owners to deduct up to 20% of their qualified business income.
9.4. Charitable Giving
How can charitable donations benefit your tax situation? Charitable giving can provide tax benefits. You can deduct contributions to qualified charities if you itemize deductions. You can also donate appreciated assets, such as stocks, to avoid paying capital gains taxes.
9.5. Working with a Tax Professional
Why is professional tax advice beneficial for effective planning? Tax laws can be complex and ever-changing. Working with a tax professional can help you navigate the complexities of the tax system and develop a tax plan that meets your needs and goals. The team of Ph.D. experts at how.edu.vn is here to provide personalized guidance and support.
10. Common Tax Mistakes and How to Avoid Them
What are some typical errors people make when filing taxes? Many people make common mistakes when filing their taxes. Avoiding these mistakes can help you prevent penalties and ensure you’re paying the correct amount of tax.
10.1. Not Filing on Time
What are the consequences of filing taxes late? One of the most common mistakes is not filing your taxes on time. The deadline for filing federal income taxes is typically April 15th, although this can be extended in certain circumstances.
If you can’t file on time, you can request an extension. However, an extension only gives you more time to file, not more time to pay. If you owe taxes, you must still pay them by the original deadline to avoid penalties and interest.
10.2. Incorrectly Reporting Income
How can you ensure you are accurately reporting your income? Another common mistake is incorrectly reporting income. Make sure you report all sources of income, including wages, salaries, self-employment income, investment income, and retirement income.
It’s important to keep accurate records of your income and to reconcile your records with the information reported on Forms W-2, 1099, and other tax documents.
10.3. Claiming Ineligible Deductions or Credits
What are some deductions and credits that are often claimed incorrectly? Claiming deductions or credits that you’re not eligible for is another common mistake. Make sure you understand the eligibility requirements for each deduction and credit before claiming it.
Some deductions and credits are often claimed incorrectly, such as the Earned Income Tax Credit and the Child Tax Credit.
10.4. Math Errors
Why is it important to double-check your math when filing taxes? Math errors can also lead to problems with your tax return. Double-check all of your calculations before submitting your return to ensure they are accurate.
10.5. Not Keeping Good Records
Why is maintaining organized tax records important? Not keeping good records can make it difficult to file your taxes accurately and claim all the deductions and credits you’re eligible for. Keep all of your tax-related documents in a safe and organized place.
10.6. Seeking Professional Help
When should you consider hiring a tax professional? If you’re not comfortable preparing your own taxes, or if you have a complex tax situation, consider seeking professional help. A tax professional can help you navigate the complexities of the tax system and
