The United States taxation system seems simple at first glance:

All your income is subject to taxation. There are tax rate brackets for each income level. The trouble is, thousands of exceptions and special rules apply.

There’s a nice waterfall logic to income taxation:

INCOME
- DEDUCTIONS
= TAXABLE INCOME

x TAX RATE
= TAX DUE

- TAX CREDITS
= CASH DUE TO IRS/STATE

An outrageous amount of knowledge is necessary to get the above waterfall flowing correctly when reported to your tax authorities. It’s nearly impossible for the average person to pinpoint the exact amount owed—paying the full amount due, but no more than that. Taxes are likely one of your largest expenses in life, so it makes sense to take the topic seriously, become highly competent in the rules, or enlist specialized help. Scorpio Tax Advisors is here to assist you, so you can focus on generating income and enjoying life while outsourcing tax tasks to us.

INCOME

There’s a handful of usual suspects among “income” types and sources: employment income, self-employment income, other types of business income, rental income, investment income, capital gains from property dispositions, and retirement income. Some fortunate income types are excluded from taxation and don’t need to be reported. Not every person receives the same tax brackets—marital status and other life circumstances come with their own separate tax rate tables.

DEDUCTIONS

Deductions reduce your total income to a lower “taxable” income. For personal returns, by default, none of your expenses can be deducted. Unless specific laws and rules permit a deduction, it’s not allowed. Once you subtract your deductions from reportable income, you arrive at your taxable income and, via your tax bracket, your tax due amount.

CREDITS

Taxes owed can be paid with either cash or credits, dollar-for-dollar, making credits highly desirable to claim and receive. Children, other dependents, and low-income employment are fruitful sources of tax credits handed out by the IRS.

TAX DUE

This is where many get into trouble with the IRS—either unwilling or unable to pay on time. Large penalties and interest will be added and will haunt you until properly addressed. The IRS is the most powerful collection agency in the world—good luck trying to escape them! The best approach is to work with the laws and IRS rules, paying all you owe, but not a cent more.

The above covers only income tax, yet there are many other types of taxes you’re subject to, including employment taxes, self-employment taxes, transfer taxes (covering gifts and inheritances), property taxes, sales taxes, excise taxes, and more. Politicians love to tax you—it funds their pensions and allows for plenty of government waste. We don’t have to love taxation, but we must in good faith aim to comply with all rules and requirements, it’s the law.

Please call us at (858) 779-4125 or email S-CorpTax@USA.com for full-service assistance with your tax obligations.

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