Tax Lawyers in Nantucket
To pay for general services like police, schools, firefighters, libraries, and hospitals, the government of Nantucket, Massachusetts collects taxes.
In Nantucket, Massachusetts, there are numerous different sources of tax revenue. Irrespective of the source, however, taxes are always levied in amounts decided by the relevant laws. Usually, taxes are calculated as a percentage of something, such as income or home value. Sometimes, however, they are simply collected as a flat fee (usually in exchange for a license or permit).
Residents of Nantucket are legally obligated to pay their taxes. Failure to do so can result in civil penalties, criminal fines, and even imprisonment.
Sources of Tax Dollars in Nantucket, Massachusetts
There are a large number of different sources of tax revenue in Nantucket, Massachusetts. They contain, among many others, sales tax, licensing fees, and road tolls.
Sales Tax: In Nantucket, the sales tax is a tax that's added to the price of goods at the point of sale. Usually, you have to pay a city sales tax on top of whatever sales tax is levied by . Typically, the local sales tax is much smaller than the state tax, which is usually in the area of 5-8%, with the city tax most often being less than one percent.
Licensing Fees: Nantucket issues licenses that are required to legally engage in certain activities. Most often, the purpose of these licenses is to raise revenue in the form of fees, making them comparable to taxes. One of the most common is the business license, which most businesses must obtain before operating.
Bridge/Road Tolls: Many larger cities in the U.S. charge tolls to enter the city via main highways or bridges. This amounts to a tax paid for the privilege of entering Nantucket if it has such toll roads. Besides being a basic 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 Nantucket, Massachusetts Tax Attorney Help?
Tax Law in Nantucket, Massachusetts is sometimes simple. More often than not, however, some wrinkle appears that makes determining one's tax liability more perplexing 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.
Therefore, it's very important that you seek the advice of a qualified Nantucket, Massachusetts tax attorney if you have any type of issue involving local taxes.