Income Tax Lawyers in Fort Smith, Arkansas

Income Tax Attorneys in Fort Smith, AR

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In Fort Smith, Arkansas, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Usually, income from all sources may be taxed. The federal government has the authority to impose an income tax thanks to the 16th Amendment to the U.S. Constitution, enacted in 1916 after the Supreme Court had, on more than one occasion, found a federal income tax to be unconstitutional. Of course, before and after the creation of the federal income tax, states, including Arkansas were allowed to impose income taxes of their own.

Everyone in the United States must pay the federal income tax. However, you only have to pay the state income tax of the state in which you reside. You should speak with an accountant or tax lawyer in Fort Smith, Arkansas if you aren't clear about what system your state has.

For years, rumors have circulated that the federal income tax is illegal or unconstitutional. These rumors are false: the federal government has explicit constitutional power to tax income under the 16th Amendment. Still, "tax protesters" employ some fringe constitutional arguments, none of which have been successful. In Fort Smith, Arkansas, refusing to pay your income tax can, and likely will, result in criminal prosecution.

Income Tax Deductions in Fort Smith, Arkansas

A tax deduction is simply a reduction in the part of a person's income that is taxable. For example, if someone makes $50,000 per year, and gets a $1,000 tax deduction, their taxable income is $49,000.

This should not be conflated with a tax credit, which is a reduction in your tax bill. A tax credit typically results in a greater reduction in tax liability than a reduction in the same amount.

Many common expenses in Fort Smith can be deducted, in whole or in part, from your taxable income. Federal tax deductions include charitable contributions, union dues, interest paid on a mortgage, and state and local taxes.

If one's state has an income tax, some or all of these expenses may be deductible from your state income tax. The exact nature and extent of any deductions will depend on the laws of Arkansas.

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How Can A Fort Smith, Arkansas Tax Attorney Help?

Income tax laws are notoriously complex. If you reside in Fort Smith, Arkansas and run into any type of tax problems, including an audit or wage garnishment, a local tax lawyer would almost certainly be able to help.

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