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Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax Edit this unit to add an image
Federal & State Income Tax

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Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.

Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable.

Generally, if you’re “domiciled” in a state, you’re subject to that state’s income tax on your worldwide income. Your domicile isn’t necessarily where you spend most of your time. Rather, it’s the location of your “true, fixed, permanent home” or the place “to which you intend to return whenever absent.” Your domicile doesn’t change — even if you spend little or no time there — until you establish domicile elsewhere.

Residence, on the other hand, is based on the amount of time you spend in a state. You’re a resident if you have a “permanent place of abode” in a state and spend a minimum amount of time there — for example, at least 183 days per year. Many states impose their income taxes on residents’ worldwide income even if they’re domiciled in another state.
 

United States

Federal & State Income Tax

New York, NY 10022 , 10022

212-706-0517
http://www.mclancpa.com
Twitter: @IncomeState
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good5 FastestWay01 ( 25 reviews;1 added businesses;0 updates 26 )
I Love Coming to Federal & State Income Tax because of great customer services!! They Always Greet You with A Smile. You will never be disappointed form their services. Trust me!
 
Sep 18, 2019 11.56
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good5 Daved Avieg ( 482 reviews;0 added businesses;0 updates 482 )
Staff was very helpful! They asked pertinent questions to assure that my paperwork was completed accurately. They know about how to deal with their customers in great manner. Keep up!
 
Sep 16, 2019 15.32
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Revision: 17 (28 Feb 19 - 14:02:13)
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