Best Tax Lawyers in Guam

About Tax Law in Guam:

Tax in Guam is governed by local laws as well as federal laws of the United States. The Guam Department of Revenue and Taxation is responsible for administering tax laws on the island. Individuals and businesses in Guam are subject to various taxes, including income tax, property tax, and sales tax.

Why You May Need a Lawyer:

There are several situations where you may require legal assistance in Tax in Guam, such as filing complex tax returns, dealing with audits from the tax authorities, resolving disputes with the Department of Revenue and Taxation, or seeking advice on tax planning strategies.

Local Laws Overview:

Key aspects of local tax laws in Guam include the Earned Income Tax Credit, which provides tax relief for low to moderate-income families, and the Business Privilege Tax, which is imposed on businesses operating in Guam. It is important to understand these laws to ensure compliance and minimize tax liabilities.

Frequently Asked Questions:

1. What is the income tax rate in Guam?

The income tax rate in Guam ranges from 10% to 37%, depending on the taxpayer's income level.

2. Are there any tax incentives available in Guam?

Yes, there are tax incentives available in Guam, such as the Qualifying Certificate program, which provides tax benefits to eligible businesses.

3. How is property tax calculated in Guam?

Property tax in Guam is calculated based on the assessed value of the property multiplied by the applicable tax rate.

4. Do I need to pay sales tax in Guam?

Yes, there is a sales tax of 4% imposed on most goods and services in Guam.

5. How can I appeal a decision made by the Department of Revenue and Taxation?

You can appeal a decision made by the Department of Revenue and Taxation by filing a petition with the Guam Superior Court within the specified time frame.

6. What are the penalties for tax evasion in Guam?

Penalties for tax evasion in Guam include fines, interest charges, and possible criminal prosecution.

7. Can I deduct charitable donations on my tax return in Guam?

Yes, you can deduct charitable donations on your tax return in Guam, subject to certain limitations.

8. What is the deadline for filing tax returns in Guam?

The deadline for filing tax returns in Guam is typically April 15th, unless extended by the Department of Revenue and Taxation.

9. Can I request an installment agreement for paying my taxes in Guam?

Yes, you can request an installment agreement for paying your taxes in Guam, subject to approval by the Department of Revenue and Taxation.

10. Are there any tax credits available for education expenses in Guam?

Yes, there are tax credits available for education expenses in Guam, such as the American Opportunity Credit and the Lifetime Learning Credit.

Additional Resources:

For more information on tax laws in Guam, you can visit the Guam Department of Revenue and Taxation website or seek guidance from a local tax attorney or accountant.

Next Steps:

If you require legal assistance in Tax in Guam, consider consulting with a qualified tax attorney who can provide guidance and representation in dealing with tax issues. Be sure to gather all relevant documents and information before meeting with the attorney to discuss your case thoroughly.