Locate Mississippi Tax Lawyers
In Mississippi "taxes" are monies taken from individuals or corporations by the government, at a rate set by law.
The taxes that Mississippi collects pay for basic public services like roads, firefighters, police, courts, schools, and many other benefits that come with living in a modern society.
Everyone who legally resides in Mississippi is obligated to pay their taxes. If you don't pay the taxes assessed against you, you are committing a severe criminal offense, punishable by jail time and large fines.
Sources of Tax Revenue in Mississippi
Taxes in Mississippi can be derived from a large number of different sources, and in different amounts. The most frequent sources of tax revenue nationwide are Sales Tax, Income Tax, and Property Tax.
Sales Tax: Most states collect a tax on the sales of goods. In Mississippi, the sales tax is calculated as a percentage of the sale price of most (but normally not all) items. Technically, the tax is assessed against the sellers of goods. However, the vast majority of vendors pass this tax onto their customers, adding it to the marked price of a product at the point of sale.
Income Tax: In Mississippi, the "income tax" is exactly what the name implies: a tax on the income of individuals and corporations. Everyone in the United States has to pay the federal income tax. Therefore, even if the state you live in doesn't have a personal income tax, you are accountable for the federal tax. However, the majority of states have their own income tax, though it's usually much lower than the federal tax. Depending on how much money you make per year, your income will be taxed at a rate ranging from 10% to 33%.
Property Tax: Along with mortgage payments, property taxes in Mississippi are one of the biggest expenses associated with home ownership. In order to collect property taxes, the state or local government appraises the value of every privately-owned piece of real estate in its jurisdiction. It then collects a particular percentage of that value in taxes. In order to avoid having to pay a large tax bill at the end of each year, most people elect to pay their property taxes in monthly installments.
How Can A Mississippi Tax Lawyer Help?
If you engage in any economic or commercial activity in Mississippi, such as working, selling products, owning property, or anything else, it's a near certainty that you are going to have some tax liability.
In Mississippi, tax law can get pretty convoluted. There are lawyers in Mississippi who only practice tax law, and nothing else. This should impress upon you the fact that taxes are governed by a large and complex body of laws. For that reason, if you have an issue with your state or federal taxes in Mississippi, such as an audit, you should not hesitate to speak with a reliable tax attorney.
Interesting Facts About Mississippi
Mississippi is named after the Mississippi River, which marks the state's western boundary. Much of the state's economy revolves around the river. For example, Mississippi is one of the leading producers of farm-raised catfish in the U.S. The city of Jackson is Mississippi's state capital.
Mississippi is known for being an innovator in terms of new laws. The state was the first ever to implement a state sales tax, and the first to enforce a Married Women's Property Act. It was also one of the first states to decriminalize marijuana possession. On the other hand, Mississippi also maintains some very strict laws. Many counties in the state are "dry" counties, meaning that alcohol sales are heavily regulated in those areas. Also, the state has approved legislation banning same-sex marriages.
Mississippi's highest court of law is the Supreme Court of Mississippi. It was originally called the "High Court of Errors and Appeals". Some appeals go straight to the Supreme Court from the trial court level. However, most appeals are heard in the Mississippi Court of Appeals. The Court of Appeals is relatively young, as it began operations only in the year 1995. The Court of Appeals was created to relieve the Supreme Court's caseload.
Lawyers in Mississippi can provide much-needed help in many areas of law. Experienced Mississippi lawyers provide expert advice and guidance regarding the state's laws. An attorney in Mississippi can also represent you in court if a lawsuit is necessary.