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Taxes

federal income tax

The federal income tax is a tax levied or charged by the Internal Revenue Service (IRS)—the revenue service of the United States (federal) government. The federal income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

Federal income taxes are levied on all types of earnings that make up a taxpayer’s taxable income—including earnings from employment and from capital gains (income earned on the sale of assets).

In Arkansas, as in all states across the United States, federal income tax is levied by the Internal Revenue Service (IRS), which is the federal government's revenue service. This tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies (LLCs), and other legal entities. Taxable income for federal income tax purposes includes all forms of earnings, such as wages from employment and profits from the sale of assets, known as capital gains. The federal income tax system is progressive, meaning that the rate of taxation increases as income rises. Taxpayers in Arkansas must comply with federal tax regulations and file annual tax returns with the IRS, typically by April 15th of each year, unless an extension is granted. It's important to note that this summary addresses federal income tax, and Arkansas may also impose its own state income taxes, which are separate from federal taxes.

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Taxes

federal income tax

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Arkansas State Code

Arkansas State Code

Taxes

federal income tax

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