Taxes impact our lives much more than just paying a little more for the things we buy. 

Taxes impact our lives much more than just paying a little more for the things we buy.  The better you understand them, the better equipped you are to make decisions about them.

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All taxes can be divided into three basic types: taxes on what you buy, taxes on what you earn, and taxes on what you own.

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Sales taxes are paid by the consumer when buying most goods and services.   These taxes provide state and local revenue, funding services like education, transportation, and health care.

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Income taxes are paid on many sources of income you might earn, like the taxes taken directly from your paycheck.   They are significant sources of revenue for the federal government, many state governments, and a few local governments.

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Property taxes generate revenue at a local level.  They provide funding for everything from parks to public safety services to additional funding for schools.

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It’s important to remember that every dollar you pay in taxes starts as a dollar earned as income.   One of the main differences among the tax types outlined below is the point of collection—in other words when you pay the tax.

AS AN EXAMPLE:  if you earn $1,000 in a state with a flat income tax rate of 10%, $100 in income taxes should be withheld from your paycheck when you make that income.

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If you take $100 from your remaining earnings a week later to purchase a new smartwatch in a jurisdiction with a 5% sales tax, you’ll pay an additional $5 in taxes when buying that item.

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Altogether, $105 of your initial $1,000 income has been collected in taxes at different times.

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Tax structures and levels vary significantly among U.S. states and countries, as do the services they fund.

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Every dollar you pay in taxes affects how much of your income you get to keep, save, and spend, so understanding each tax type can help you make better decisions about everything, from which job to take and where to live to how you vote.

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Call us if you need assistance understanding what a tax deduction may be for you. In that case, our bilingual staff will go beyond the numbers to assist you with the ever-changing tax code and help you with your accounting needs to enhance your profitability.

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How can we help you?

Need a professional with a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and

retirement taxes?

Call us!  We are Tax Specialists serving our clients since 2012

Ana Echeverri & Associates at (407) 601-3157

We will be happy to assist you.

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