Tax Lawyers in Lexington
To pay for basic services like police, schools, firefighters, libraries, and hospitals, the government of Lexington, Kentucky collects taxes.
Taxes in Lexington, Kentucky are derived from a wide variety of sources. Regardless of the source, however, the amount that's taken is never arbitrary, and is always determined 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.
You are legally-required to pay your taxes in Lexington. If you fail to pay your taxes, without a compelling reason, you are committing a crime, and may end up going to jail as a result.
Sources of Tax Dollars in Lexington, Kentucky
Taxes can come from a wide variety of sources in Lexington, Kentucky, such as sales tax, administrative/licensing fees, and tolls.
Sales Tax: Generally cities in the U.S., as well as most states, charge a sales tax. In Lexington, the sales tax is calculated as a percentage of the sale price of most goods and services. The rate varies from state to state, and city to city.
Licensing Fees: The city of Lexington may require business owners to get 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: Many larger cities in the U.S. charge tolls to enter the city via major highways or bridges. This amounts to a tax paid for the privilege of entering Lexington if it has such toll roads. Besides being a general source of revenue, these tolls require visitors to the city, who will have many city services available to them while they visit, to pay at least some contribution to these services.
How Can a Lexington, Kentucky Tax Attorney Help?
Tax Law in Lexington, Kentucky is sometimes simple. More often than not, however, some wrinkle appears that makes determining one's tax liability more convoluted than it probably needs to be. Additionally, many individuals and groups are legally entitled to tax breaks and deductions, which can make figuring out one's tax liability even more difficult.
Therefore, it's extremely important that you obtain the advice of a reliable Lexington, Kentucky tax attorney if you have any tax law questions.