Little Rock Arkansas Form 720 2024-2025

Little Rock Arkansas Form 720: What You Should Know

Federal Tax Deduction for Auto Rental Vehicles Auto rental insurance for the rental of a vehicle is taxable as an expense. The amount of rental tax paid is included in the gross revenue for the year to which the tax applies. Rental property tax Auto loan interest charge may be deducted by property owner State Income Tax (Arkansas) (TTA) — A tax is imposed on Arkansas residents. The maximum rate on the Arkansas income tax is 6.06%. All persons regardless of residency or domicile, including nonresidents, are taxable as Arkansas residents. However, nonresidents who are resident (domiciled) in Arkansas for more than 183 days in any given year are tax-exempt. All residents are subject to a 10% withholding tax for those that reside in Arkansan-controlled entities located outside the State and are subject to sales and use tax (BUT) on out-of-state purchases by Arkansas residents. Arkansans who have a “substance abuse problem” may qualify for a low rate of tax that is set well below the Arkansas minimum tax for individuals or entities, so individuals that do not reside in Arkansas can still reduce their Arkansas income taxes. The sales tax in Arkansas is only imposed on the purchase of tangible personal property from other Arkansas residents. The sales tax rate is 6.06%, and Arkansans also have an optional 5% sales tax on income earned during the year outside Arkansas and on personal property purchased from nonresident individuals. Arkansas Taxpayer Assistance Program — TTA offers free tax preparation services for low-income Arkansans and is always looking for volunteers for its Taxpayers Counseling office. Basic Information Required By The Arkansas Tax Commissioner For Tax Preparers Basic information needed by Arkansans when filing their state taxes with the IRS include, all the information necessary to prepare your return or amend your return, Arkansas state tax form If you have a tax problem, call TTA on Monday through Friday from 8:00 am to 5:00 pm. The TTA Help Desk number is for an additional tax problem or an emergency tax call. Arkansas Residents, Foreign Residents, and Nonresidents in the First Three Months of 2025 (PDF, 23 KB) Return To Top The ARB is a voluntary program.

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