Income Tax Lawyers in Lake Havasu City, Arizona
In Lake Havasu City, Arizona, an income tax is imposed on a certain percentage of the income of all individuals and businesses. Typically, 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 Lake Havasu City, 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 really 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 Lake Havasu City, Arizona, you will face criminal charges.
Income Tax Deductions in Lake Havasu City, Arizona
A tax deduction is a reduction in the portion of a person's income that is taxable, resulting in a reduced tax liability. For example, suppose your income tax rate is 10%, and you had $50,000 in income last year. If you received a $1,000 tax deduction, your taxable income would be $49,000, and you would have to pay 10% on that. So, it would lower your tax liability from $5000 to $4900.
There is also something called a tax credit, which is treated as a partial payment of the income tax. A tax credit almost always results in a reduced tax bill than a reduction of the same amount.
Many common expenses in Lake Havasu City 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 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 Arizona.
Find a Lake Havasu City Lawyer that Specializes in Your Area of Need:
How Can A Lake Havasu City, Arizona Tax Attorney Help?
Income tax law can get fairly complex in Lake Havasu City, 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.
Income Tax Attorneys in the Largest AZ Cities
Life in Lake Havasu CityLake Havasu City is located in Mohave County, Arizona. It is more of an isolate area from the rest of Mohave County, and is home to about 52,527 people.
What is there to do in this area? Popular attractions include Wheeler Park, London Bridge, The Nautical Beachfront Resort, Rotary Park, Turtle Beach Bar, and the Lake Havasu Art Collective.
Some famous people who have called Lake Havasu City home are Jim Health, Michael Biehn, Ryan Reynolds, Mike Corkins, and Bob Milacki.
Lake Havasu City is also home to many small law offices and law firms with competent attorneys devoted to providing personalized and excellent legal services.
All in all Lake Havasu City is a wonderful get-away for Arizona residents and anyone else!