Income Tax Lawyers in Cottonwood, Arizona

Income Tax Attorneys in Cottonwood, AZ

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In Cottonwood, Arizona, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Generally, 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 Arizona were allowed to impose income taxes of their own.

The federal income tax must be paid by everyone 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 lawyer in Cottonwood, Arizona 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 actually 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 Cottonwood, Arizona, you will face criminal charges.

Income Tax Deductions in Cottonwood, Arizona

A tax deduction is a reduction in one's taxable income. For example, if a person makes $50,000 per year, and receives a $2,000 tax deduction, they will only have to pay taxes on the remaining $48,000.

This should not be confused with a tax credit, which is simply a reduction in somebody's tax bill. A tax credit will usually reduce your tax liability far more than a tax reduction of the same amount.

Lots of expenses that are common in Cottonwood are tax deductible. Federal tax deductions include mortgage interest, union dues, interest paid on mortgages, and others.

If one's state has an income tax, it likely has many of the same deductions, though they could vary widely. This will depend on the particular laws of Arizona.

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How Can A Cottonwood, Arizona Tax Attorney Help?

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

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