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As in other parts of the United States, the tax law in Memphis is a complex field. It encompasses individual income tax, corporate tax, sales and use tax, property tax, estate tax, and taxation of pensions, to name a few. The tax structure is constituted by federal laws, Tennessee state laws, and local municipality laws.
Individuals and businesses may need a tax lawyer for a variety of reasons. People starting a business might need a lawyer to understand the tax implications and structuring. Similarly, those facing tax audits, tax fraud accusations, estate planning, property transactions, pension distributions, or dealing with the IRS over unpaid taxes could greatly benefit from the guidance of a tax attorney.
Memphis, like the rest of Tennessee, does not impose a state-level income tax on individual earned income. However, businesses are subject to a franchise tax and an excise tax. The city of Memphis imposes property taxes on real and personal property, while the State imposes a sales tax. Understanding these nuances can make a significant change in your liability.
No, Memphis does not impose a local income tax. However, the federal income tax still applies.
The combined state and local sales tax rate in Memphis is 9.25% as of Jan, 2022.
Yes, a tax lawyer can guide you through the process, respond appropriately to the IRS, and protect your rights during a tax audit.
A tax attorney specializes in the complex and technical field of tax law. They can help with legal and technical issues related to your tax situation. A tax attorney can also represent clients in court, and they can help with issues like back taxes, tax debt recovery and reduction, audits, and general tax planning.
While it's possible to handle some tax matters on your own, complex issues, large amounts of money, and legal matters are best handled by a professional.
The Internal Revenue Service (IRS) provides guidance on federal tax issues, while the Tennessee Department of Revenue addresses state-related tax matters. The Shelby County Trustee's Office handles local property tax collection. These resources can provide general guidance on tax issues, but a qualified tax attorney is recommended for specific legal advice and representation.
If you need legal assistance in tax matters, start by researching local Memphis tax attorneys. Check their expertise, client reviews, and ratings. Scheduling initial consultations with potential attorneys could help you understand the best approach to address your tax issues. Remember, each tax situation is unique, so a one-size-fits-all approach may not be appropriate for your situation.
