What is a Personal Income Tax?

Tax season is quickly approaching as the new year begins, and many are watching the clock to fill out their taxes by the April deadline. Some are new to the tax paying scene, and are wondering what all these new terms mean, especially a personal income tax.

In order to fund programs such as Medicare, Social Security, national security, roads, schools, and welfare, the government taxes our personal income. This income includes wages, unemployment benefits, tips, salaries, business income, and more.

When filing your tax return, make sure you pay attention to deadlines set by the IRS. Not having your taxes completed by the deadline can result in penalties and charges. 
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To combat tax confusion, make an appointment with our tax experts at Hoods Tax & Accounting. We take taxes seriously, so you don’t have to worry!