Tax Lawyers in Lafayette
The government of Lafayette, Colorado collects taxes from its residents in order to pay for general public services, like police and fire departments, libraries, hospitals, and public transit.
Taxes in Lafayette, Colorado are derived from a wide number of sources. Regardless of the source, however, the amount that's taken is never arbitrary, and is always decided by law. A tax can come either in the form of a flat fee, or as a percentage of one's income, the value of a piece of property, or a sale.
In case you were wondering, paying your taxes in Lafayette is mandatory. The law states it. So, if you don't pay your taxes, with extremely few exceptions, you are guilty of a crime, and will be punished accordingly.
Sources of Tax Dollars in Lafayette, Colorado
Taxes can come from a wide number of sources in Lafayette, Colorado, such as sales tax, administrative/licensing fees, and tolls.
Sales Tax: A sales tax in Lafayette is a surcharge added to the price of most goods that are sold by retailers to the general public. The government of further imposes a sales tax, which must be paid in addition to the local tax. Normally, local sales taxes are less than one percent, while state sales taxes are in the 5% range.
Licensing Fees: The city of Lafayette may require business owners to acquire a license from the local government before they begin operating within city limits. Typically, the main hurdle involved in obtaining one of these licenses is paying a fee to the city government. Although these payments are called "fees" as opposed to "taxes," they operate in the same way, and serve largely the same purpose, as taxes.
Bridge/Road Tolls: Most large cities in the U.S. charge fees, or tolls, on automobiles entering the city via public bridges and highways. This money is, more or less, a tax on everybody who drives into Lafayette via public infrastructure. This means that everyone who visits is obligated to make at least a small contribution to the government services they'll be using while there.
How Can a Lafayette, Colorado Tax Attorney Help?
Tax Law in Lafayette, Colorado is sometimes simple. More often than not, however, some wrinkle appears that makes determining one's tax liability more difficult than it probably needs to be. Furthermore, many individuals and groups are legally entitled to tax breaks and deductions, which can make figuring out one's tax liability even more difficult.
Thus, it's extremely important that you obtain the advice of a knowledgeable Lafayette, Colorado tax attorney if you have any tax law questions.