Income Tax Lawyers in Wynne, Arkansas

Income Tax Attorneys in Wynne, AR

Find the Right Lawyer Now

In Wynne, 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 Wynne, Arkansas if you are not clear about what your state and federal tax liability.

There are many rumors floating about which claim that you don't truly have to pay a federal income tax. These "tax protestors" rely on the false notion that the income tax is unconstitutional, or otherwise invalid. This is based on some fairly bizarre interpretations of the constitution and tax code, and suffice it to say, none of them have had much legal success. You should know that if you don't pay your federal taxes in Wynne, Arkansas, you will face criminal charges.

Income Tax Deductions in Wynne, Arkansas

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

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 Wynne can be deducted, in whole or in part, from your taxable income. Federal tax deductions include charitable donations, union dues, interest paid on a mortgage, and state and local taxes.

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.

Find a Wynne Lawyer that Specializes in Your Area of Need:

How Can A Wynne, Arkansas Tax Attorney Help?

Income tax laws can get quite complex, especially when large amounts of money from multiple sources are involved. It would not be a bad idea to call a Wynne, Arkansas tax attorney to avoid the consequences of under-paying, and to prevent you from over-paying.

2 Tax Law cases posted to LegalMatch lawyers in Wynne

Income Tax Attorneys in the Largest AR Cities

Show Arkansas Cities

Income Tax Lawyers in Other Arkansas Cities and Towns


Find the Right Lawyer Now

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: