Individual Tax Returns And Preparation

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Louis F. Patten CPA provides Individual Tax Preparation Services in the Lake Worth, Boynton Beach and Wellington areas.

 

A personal or individual income tax is levied on the total income of the individual (with some deductions permitted). It is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year. These corrections take one of two forms: payments to the government, for taxpayers who have not paid enough during the tax year; and tax refunds from the government for those who have overpaid. Income tax systems will often have deductions available that lessen the total tax liability by reducing total taxable income. They may allow losses from one type of income to be counted against another. For example, a loss on the stock market may be deducted against taxes paid on wages.

 

All states that impose an individual income tax allow most business deductions. However, many states impose different limits on certain deductions, especially depreciation of business assets. Most of the states allow non-business deductions in a manner similar to Federal rules. Few allow a deduction for state income taxes, though some states allow a deduction for local income taxes. Eight of the states allow a full or partial deduction for Federal income tax.

 

Louis F. Patten C.P.A. is a full service accounting firm that provides tax preparation services in the following cities and their surrounding communities (Click on each for more detail):

 

Contact us today for reasonable rates on our individual tax returns & preparation services.

 


7556 Lake Worth Road, Suite 105, Lake Worth, FL 33467

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