FEDERAL INCOME TAX
FEDERAL INCOME TAX
Federal Income Tax Solutions
Navigating the complex world of federal income tax can be a daunting task for individuals, businesses, estates, and trust entities alike. Tax regulations are continually evolving, and the nuances of the tax code can often leave you feeling overwhelmed and uncertain about your filing responsibilities. With decades of experience, CKH Group offers a comprehensive suite of federal income tax services that cater to your unique needs.
As a leading CPA firm based in Atlanta, we take pride in offering Federal Income Tax Services designed to:
- Minimize your tax liability
- Reduce risk and costly errors
- Save you time, money, and effort
What Is Federal Income Tax?
Federal income tax is levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. For individuals, a taxpayer’s taxable income includes wages, salaries, bonuses, commissions, tips, investment income, and some types of unearned income. In the U.S, federal income tax rates for individuals are progressive, which means tax rates increase as the taxable income does. If you are uncertain what tax rate applies to you, refer to our article on 2023 tax brackets.
As an employee, federal income tax is typically withheld from your paycheck by your employer, so you don’t have to worry about submitting individual income tax payments to the IRS on your own. However, at the end of the year, you must file a federal income tax return to ensure you’ve paid an accurate amount of taxes.
Personal Income Tax
Federal income tax compliance and planning can be a time-consuming and often confusing process. CKH Group’s individual tax services are designed to simplify income tax filing for you, allowing you to focus on what matters most – your life, your family, and your financial goals.
Estate/Trust Tax
Estate and trust tax planning and compliance require a unique set of skills and knowledge, as the regulations governing these entities can be complicated. CKH Group’s estate/trust tax services are specifically tailored to meet the needs of these more complicated income tax filings.
Federal vs State Income Tax
The Internal Revenue Service (IRS) collects federal income tax from taxpayers to fund the federal government, while state taxes solely fund the government in your state. Each of these funds different things, such as infrastructure, public education, and disaster relief on the federal level, and local road maintenance and education on a state level.
While federal income taxes apply to everyone, some states do not levy a state income tax (or if they do, the tax rates may vary!). As of 2023, there are eight states with no income tax: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. Additionally, if you live in one state and work in another or have worked in two different states in the past year, you may have to file multiple state income tax returns.
When Are Taxes Due?
Tax filing deadlines vary depending on your particular situation. For most individuals, Tax Day (April 15) is when income tax returns are due. Businesses that are S-corporations and partnerships have a March 15 deadline. Estimates taxes are paid on a quarterly basis. Each of these deadlines also has an available extension.
Why Choose CKH Group?
CKH Group’s Tax Services are designed to unlock your tax potential and secure your financial well-being.
With CKH Group, you’re not just getting a CPA firm; you’re gaining a trusted partner committed to your success. Discover the CKH Group advantage, where excellence, integrity, and expertise come together to create a powerful tax partnership for you. Contact us today to explore how our Tax Services can add value to your organization.
