Tax Lawyers in Waterford
To pay for basic services like police, schools, firefighters, libraries, and hospitals, the government of Waterford, Michigan collects taxes.
In Waterford, Michigan, taxes are derived from several sources. Regardless of where a particular tax comes from, it is always collected in an amount dictated by law. Most often, taxes are calculated as a percentage of income, sales, or property value. Sometimes, normally in the context of licensing fees or car registration fees, taxes are set at a flat rate.
Residents of Waterford are legally required to pay their taxes. Failure to do so can result in civil penalties, criminal fines, and even imprisonment.
Sources of Tax Dollars in Waterford, Michigan
Several different things can be taxed in Waterford, Michigan. This is meant to ensure that there is a wide range of sources of tax revenue, and that the government does not have to rely too heavily on any one revenue stream that could dry up. For example, local governments collect revenue from sales taxes, licensing fees, as bridge tolls, among many other things.
Sales Tax: Typically cities in the U.S., as well as most states, charge a sales tax. In Waterford, 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 government of Waterford issues licenses for engaging in a wide variety of different activities. Most frequently, they issue business licenses, which business owners must obtain before operating any type of business in city limit. The most important of this process is usually paying a fee. While these taxes are called "fees," instead of "taxes," they are functionally identical, and serve the same purpose (namely, raising revenue).
Bridge/Road Tolls: Most major cities charge a toll to enter them via major roads or bridges. These fees are meant to pay for the upkeep of general public infrastructure in Waterford, by imposing a tax on visitors to it. In theory, this means that people who visit the city are required to contribute to the upkeep of the infrastructure that they will be using while present there.
How Can a Waterford, Michigan Tax Attorney Help?
In Waterford, Michigan, 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.
Accordingly, it's very important that you seek the advice of a knowledgeable Waterford, Michigan tax attorney if you have any type of issue involving local taxes.