Locate Delaware Tax Lawyers
In Delaware "taxes" are monies taken from persons or corporations by the government, at a rate set by law.
The taxes that Delaware collects pay for necessary public services like roads, firefighters, police, courts, schools, and many other benefits that come with living in a modern society.
Everyone who legally resides in Delaware is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing an egregious criminal offense, punishable by jail time and large fines.
Sources of Tax Revenue in Delaware
Taxes in Delaware can be derived from a large number of different sources, and in different amounts. The most typical sources of tax revenue nationwide are Sales Tax, Income Tax, and Property Tax.
Sales Tax: Most states collect a tax on the sales of goods. In Delaware, the sales tax is calculated as a percentage of the sale price of most (but typically not all) items. Technically, the tax is assessed against the sellers of goods. But, the vast majority of vendors pass this tax onto their customers, adding it to the marked price of a product at the point of sale.
Income Tax: Everybody in the U.S., including residents of Delaware, is obliged to pay a federal income tax, assuming they bring in any income. Most states also have a personal income tax, though some states do not. The majority of Americans derive almost all of their income from employment wages. Normally, their federal and (if applicable) state income taxes are deducted from their paychecks. This is beneficial, in that your taxes are paid as you go, and you usually don't have a large tax bill at the end of the year. Depending on one's income, the federal income tax rate can be as low as 10%, or as high as 33%.
Property Tax: Along with mortgage payments, property taxes in Delaware are one of the largest expenses associated with home ownership. In order to gather property taxes, the state or local government appraises the value of every privately-owned piece of real estate in its jurisdiction. It then collects a specific percentage of that value in taxes. In order to avoid having to pay a massive tax bill at the end of each year, most people elect to pay their property taxes in monthly installments.
How Can A Delaware Tax Lawyer Help?
If you engage in any economic or commercial activity in Delaware, such as working, selling products, owning property, or something else, it's a near certainty that you are going to have some tax liability.
Tax Law in Delaware can get extremely confusing. It is so complex that most tax attorneys in Delaware practice tax law exclusively, eschewing all other practice areas. So, this specialization means that most tax lawyers are experts in their fields. It should go without saying, then, that a Delaware tax lawyer can be invaluable if you have an issue with your taxes.