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Mesa Arizona Tax Law Blog

What are the basics of the federal income tax?

Even Mesa residents and people in the greater Phoenix area who are good at business may when it comes to taxes just know that they are a bill one has to pay to the government but that one should try to make the bill as small as reasonably possible. They may therefore not really know what a progressive tax is or how various brackets get decided.

As the name implies, an income tax is a tax on the money an individual brings in. The definition of income is broad, and it includes even things one might not think of as income, such as winnings from a contest or a night at the casino. Still, what is or is not income can be a question which presents complex tax issues.

Don't navigate tax disputes alone

Each and every year, countless citizens across the country become stressed over completing and paying their taxes. While these situations are normally completed without any issue, there are unfortunate instances where problems arise. It doesn't matter what the exact issue is - these types of situations are difficult and can easily spiral out of control if not handled correctly and skillfully.

Sometimes, the IRS can come knocking with an audit. This process can cause significant legal problems if your affairs are not completely in order. The IRS will thoroughly sift through your tax return to verify all amounts of income and deductions are correct. If they are not, the IRS can threaten to garnish your wages to make up for the lack of payment.

Appealing a Property Tax Valuation in Arizona

In Arizona, the County Assessor puts a "Full Cash Value" assessment on your home, and your property tax is derived from this value. You receive a Notice of Value in the mail, but what happens if the cash value that the assessor assigns is higher than the actual market value of your home? The short answer is that unless you appeal the valuation on your home successfully, you end up paying a higher tax bill. The appeals process for home valuations is tricky, and it is important that you have an experienced attorney on your side. Failure to file paperwork on time, or lack of proper evidence, can lead to the dismissal of your case and the potential loss of thousands of dollars. You can use the administrative or legal process to appeal the valuation of your home, and your attorney can advise you regarding the best road to take.

For businesses, end of year tax planning should begin now

With Labor Day weekend upon us, many businesses are looking forward to the final four months of the year and planning on how they can end the year on a high note. At this time of year, there probably not many business that are thinking about tax planning, given how far away next year’s tax filing deadline is.

However, it is never too early to think about end of year tax planning. As the old adage goes, “if you prepare for the worst, you can expect the best.” With that said, there are a number of things that businesses can begin doing now that could result in substantial savings that could also translate into reducing the amount you may have to pay in taxes next April. This post will highlight a few.

What If The IRS Contacts You About Back Taxes In Arizona?

If there is any government organization no one wants to hear from, it's the IRS. Many would prefer a subpoena to a letter labeled IRS. Rarely anything good, that letter can contain an audit, or even worse, a claim that you have failed to pay taxes in the past, also known as back taxes. If you do receive a notification about back taxes from the IRS, though, what should you do?