Income Tax Lawyers in Eagar, Arizona

Income Tax Attorneys in Eagar, AZ

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In Eagar, 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 Eagar, 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 Eagar, Arizona, you will face criminal charges.

Income Tax Deductions in Eagar, 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.

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

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

If one's state imposes an income tax, some or all of these expenses may be deductible, as well. However, this will depend on the law of Arizona

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How Can A Eagar, Arizona Tax Attorney Help?

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

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