Tax Lawyers in Lexington
Lexington, Missouri has to gather taxes from its residents in order to pay for basic services that we've come to expect, like roads and schools.
Taxes in Lexington, Missouri can come from a wide variety of sources, but they are always collected at a rate set by law. Sometimes, taxes might come in the form of flat fees, and other times they are collected as a percentage of something, such as a person's income or the value of a piece of property.
Everyone in Lexington is required by law to pay the taxes they owe. If you fail to do this, you could end up facing jail time.
Sources of Tax Dollars in Lexington, Missouri
Several different things can be taxed in Lexington, Missouri. 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: In Lexington, there may be a sales tax on top of the sales tax imposed by the government of . City sales taxes are typically pretty small, typically in the range of one percent or less, as opposed to the 5-7% sales taxes imposed by most states.
Licensing Fees: Lexington issues licenses that are required to legally engage in specific activities. Most frequently, the purpose of these licenses is to raise revenue in the form of fees, making them similar to taxes. One of the most typical is the business license, which most businesses must obtain before operating.
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 Lexington, 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 Lexington, Missouri Tax Attorney Help?
Tax Law in Lexington, Missouri 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. 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.
If you have any legal issues with your taxes, you should pursue legal advice from a skilled and reputable tax attorney in Lexington, Missouri.