Locate Kentucky Tax Lawyers
In Kentucky "taxes" are monies taken from individuals or corporations by the government, at a rate set by law.
The taxes that Kentucky 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 Kentucky is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing a severe criminal offense, punishable by jail time and large fines.
Sources of Tax Revenue in Kentucky
Taxes in Kentucky 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 Kentucky, 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. However, 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: In Kentucky, the "income tax" is exactly what the name implies: a tax on the income of individuals and corporations. Everyone in the United States has to pay the federal income tax. Thus, even if the state you live in doesn't have a personal income tax, you are responsible for the federal tax. However, the majority of states have their own income tax, though it's usually much lower than the federal tax. Depending on how much money you make per year, your income will be taxed at a rate ranging from 10% to 33%.
Property Tax: The property tax in Kentucky is applied to every owner of real property (land and buildings). The state collects from every property owner a percentage of the property's value, on an annual basis. The state first calculates the value of every piece of property within its territory. It then notifies the owner of this assessment, and sometimes gives them an opportunity to contest it (apparently, people want their assessed property value to be as low as possible, so it will be subject to the lowest tax possible). Normally, the property tax is paid as a monthly payment, sometimes included in one's mortgage.
How Can A Kentucky Tax Lawyer Help?
If you live in Kentucky, and engage in any economic activity whatsoever (working for a salary, buying or selling goods, owning property, etc.), you almost certainly have a tax liability.
Tax law issues in Kentucky are never simple. In fact, most tax attorneys ONLY practice tax law in Kentucky, because tax law is so intricate that an attorney pretty much has to specialize in it. This has the advantage of creating a situation where every competent tax attorney is practically an expert in tax law, because they have to be. If you have a problem with your taxes, whether state or federal, it is always a good idea to get some advice from a good Kentucky tax lawyer.
Interesting Facts About Kentucky
The state of Kentucky is known as "the Bluegrass State". Kentucky is known for its iconic attractions, such as the Kentucky Derby, fine bourbon, and bluegrass music. Located in the eastern south central parts of the U.S., Kentucky has contributed much in the areas of manufacturing, crop production, and professional sports. It used to be a part of Virginia and officially became a state in the year 1792.
Along with three other states, Kentucky is one of the few states that use the word "commonwealth" in their official names. It is also listed among the states that have a state police force. Unlike local police forces, the jurisdiction of the Kentucky State Police extends throughout the entirety of Kentucky. The State Police force enforces Kentucky's laws, which are compiled into the Kentucky Revised Statutes. These were enacted in 1942, and help to organize Kentucky laws.
Kentucky's judicial branch is officially named the Kentucky Court of Justice. It maintains several courts, including the District Courts, Circuit Courts, Court of Appeals, and the Kentucky Supreme Court. Kentucky also operates a few specialty courts such as the Drug Court, which provides alternative approaches to certain drug offenses.
Kentucky lawyers address the various legal needs of the communities they serve in. Lawyers in Kentucky offer assistance in a variety of fields and perform tasks such as document review, answering legal questions, and representing clients in court. A Kentucky attorney can help you obtain the appropriate form of legal relief.