Personal Taxes

Personal Taxes refer to the taxes an individual is legally required to pay to federal, state, and sometimes local governments based on their income, investments, and other taxable earnings. These taxes are typically filed annually and calculated using information such as wages, self-employment earnings, interest, dividends, rental income, and eligible deductions or credits.

Filing personal taxes ensures you comply with tax laws, potentially receive refunds, and avoid penalties. The process involves reporting your income, claiming allowable deductions and credits, and paying any tax owed.