Income Tax Lawyers in Amarillo, Texas

Find the right Income Tax attorney in Amarillo, TX

The income tax in Amarillo, Texas is a tax imposed on all money earned and received during the year. Under federal law, income through any source may be taxed. The federal government has had explicit constitutional authority to impose an income tax since 1916, with the passage of the 16th Amendment. This came after the Supreme Court had consistently found a federal income tax to be unconstitutional. States, including Texas, have always been allowed to impose whatever type of income tax they liked.

While the federal government levies an income tax against every person and corporation in the U.S., the income taxes imposed by the states vary widely. Some states have fairly high income taxes, and a few have none at all. You should consult with an Amarillo, Texas tax lawyer if you don't know what type of tax system your state has.

Income Tax Deductions in Amarillo, Texas

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 ,000 in income last year. If you received a ,000 tax deduction, your taxable income would be ,000, and you would have to pay 10% on that. So, it would lower your tax liability from to .

This should not be conflated with a tax credit, which is a reduction in your tax bill. A tax credit typically results in a greater reduction in tax liability than a reduction in the same amount.

Under federal law, numerous expenses in Amarillo are tax-deductible, including interest paid on a mortgage, charitable donations, the price of tax advice, and union or professional dues, among many others.

How Can A Amarillo, Texas Tax Attorney Help?

Income tax laws can get very complex. If you are in Amarillo, Texas and have any questions about your taxes, you should consult with an accountant or local tax lawyer to avoid tax problems, such as audit or wage garnishment.

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Life in Amarillo

Amarillo is the seat of Potter County and largest city in the Texas Panhandle with over 175,000 residents according to the 2000 Census. Known to most as the "yellow rose of Texas," Amarillo is also the self-proclaimed "helium capital of the world" because the United States' most productive helium fields are located in town. Amarillo was originally known throughout the United States as a capital for cattle trade.

The city's industry hasn't changed much, Amarillo is still the location where roughly 25% of the nation's beef supply is processed and is also home to the Texas Cattle Feeders Association. Tyson Foods is Amarillo's largest employer attesting to the meatpacking heritage of the city. Healthcare, the Amarillo Independent School District, and the City of Amarillo are other top employers. Bell Helicopter Textron operates and assembly plant in Amarillo which is responsible for the V-22 Osprey and Marine One assembly.

The Globe News Center for the Performing Arts in Amarillo houses the Amarillo Opera, Amarillo Symphony, and Lone Star Ballet in addition to concerts. For those who want the Texas Cowboy experience, Amarillo plays host to the Tri-State Fair and Rodeo as well as the World Championship Chuckwagon Roundup that is a food festival featuring staples cowboys and pioneers historically ate in the area. The World Championship Ranch Rodeo is put on by the Working Ranch Cowboys Association and attracts accomplished cowboys from around the world. There's even a weekly cattle auction that's free to the public named the Amarillo Livestock Auction. The American Quarter Horse Association and Hall of Fame is another internationally known Amarillo organization.

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