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federal income tax

The federal income tax is a tax levied or charged by the Internal Revenue Service (IRS)—the revenue service of the United States (federal) government. The federal income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

Federal income taxes are levied on all types of earnings that make up a taxpayer’s taxable income—including earnings from employment and from capital gains (income earned on the sale of assets).

In New Hampshire, as in all states across the United States, federal income tax is levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. This tax applies to all forms of taxable income, which includes not only wages and salaries from employment but also income generated from capital gains, such as profits from the sale of assets like stocks or property. The federal tax system is progressive, meaning that the rate of taxation increases as the taxpayer's income increases. Taxpayers in New Hampshire must comply with federal tax regulations and file annual tax returns with the IRS, typically by April 15th of each year, unless an extension is granted. It's important to note that while New Hampshire does not have a state income tax on earned income, it does tax interest and dividends at the state level, which is separate from the federal income tax obligations.

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Taxes

federal income tax

Individual & Family Legal Plan

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New-Hampshire State Code

New-Hampshire State Code

Taxes

federal income tax

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