Income Tax Lawyers in Trumann, Arkansas

Income Tax Attorneys in Trumann, AR

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In Trumann, Arkansas, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Usually, income from all sources can be taxed. The federal government has the power 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 free to impose income taxes of their own.

The federal income tax must be paid by everybody in the U.S. However, you must only pay the state income tax of the state you live in. You should talk with a financial adviser or tax attorney in Trumann, Arkansas if you are not clear about what your state and federal tax liability.

You may have heard rumors that the income tax is unconstitutional, and one's obligation to pay the federal income tax can be fought in court. However, this position relies on fringe constitutional arguments which have never been adopted by any U.S. court. If you refuse to pay your federal income tax in Trumann, Arkansas, you will face criminal charges.

Income Tax Deductions in Trumann, Arkansas

A tax deduction is a reduction in the portion of a person's income that is taxable, resulting in a lower tax liability. For example, suppose your income tax rate is 10%, and you had $50,000 in income last year. If you got a $1,000 tax deduction, your taxable income would be $49,000, and you would have to pay 10% on that. So, it would reduce your tax liability from $5000 to $4900.

Don't confuse a tax deduction with a tax credit. A tax credit simply reduces your tax bill by the amount of the credit. A tax credit typically reduces your tax bill more than a deduction of the same amount.

Many common expenses in Trumann can be deducted from your taxable income. They include mortgage interest, charitable donations (if property documented, of course), the cost of tax advice, union dues, and many others.

If you live in a state that has an income tax, some of these expenses might also be deductible, though that depends on the specific tax laws of Arkansas.

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How Can A Trumann, Arkansas Tax Attorney Help?

Income tax law can get fairly complex in Trumann, Arkansas. If you have any questions about your income tax liability, you should not hesitate to speak with a tax attorney sooner, rather than later.

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