Tax Lawyers in London
To pay for basic services like police, schools, firefighters, libraries, and hospitals, the government of London, Kentucky collects taxes.
Taxes in London, 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 London. 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 London, Kentucky
Taxes can come from a wide variety of sources in London, Kentucky, such as sales tax, administrative/licensing fees, and tolls.
Sales Tax: Typically cities in the U.S., as well as most states, charge a sales tax. In London, 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 London 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 major cities have tollbooths on all the major roads or highways that go into them. This effectively amounts to a tax paid to enter London, ensuring that visitors to the city make at least a small contribution to paying for the city services that they will enjoy while there.
How Can a London, Kentucky Tax Attorney Help?
In London, Kentucky, tax law can get pretty complicated. Taxes are levied on a huge range of products and activities, and they are often calculated in confusing ways. Additionally, many groups and individuals are subject to special tax breaks and exemptions, which might or might not apply to you.
Therefore, it's extremely important that you obtain the advice of a knowledgeable London, Kentucky tax attorney if you have any tax law questions.