Income Tax
Income Tax
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax.
Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).
Our Income Tax Services
Whether you are looking for a local small business accountant, tax accountant, or tax planning expert, TBS Tax Services is the trusted Eastern Massachusetts certified public accounting firm. With 2 offices in Hyannis and Stoughton, TBS Tax Services is not your typical by-the-numbers accounting firm—we are personal and professional, making your taxes simple, even if they are complicated.
What sets TBS Tax Services apart is our ability to build personal relationships with clients and tailor communications to your needs while providing income tax preparation and corporate tax planning. Our team does more than crunch numbers and offer valuable tax compliance expertise— we put personality into the CPA profession. Our growing team of compassionate, professional accounting assistants go the extra mile to provide the highest quality of tax preparation and tax advice, while effectively communicating throughout your work together to ensure that you feel informed and empowered to make the best tax, estate, succession planning, and trust decisions for you and your business.
Helpful Tips: Principles of Income Tax
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