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Relocation services in New York City, relocation specialists of New York

 

General U.S. Tax Information and Considerations

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The U.S. Tax System is a complex one based on laws and regulations as well as the interpretation of the laws and regulations through court cases. However, a rather simple diagram that follows the format of a tax return can express its principals visually:

Gross Income
less
Adjustments (from Gross Income)
equals
Adjusted Gross Income
less
Deductions (Standard or Itemized)
less
Exemptions
equals
Taxable Income


Base Tax calculated on your Taxable Income
less
Tax Credits
equals
Net Tax Liability
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