Tax Lawyers in Morehead
Morehead, North Carolina has to compile taxes from its residents in order to pay for basic services that we've come to expect, like roads and schools.
In Morehead, North Carolina, taxes can come from several different sources. However, they are always collected at a rate that has been set by the law. Taxes sometimes come in the form of flat fees, but most of them are collected as a percentage of some larger amount of money, such as the value of a piece of property, or income.
Residents of Morehead 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 Morehead, North Carolina
Several different things can be taxed in Morehead, North Carolina. 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: The sales tax imposed by Morehead is on top of the sales tax collected by the government of . Sales taxes are normally fairly small - about 5-7% at the state level, plus a city sales tax that's normally one percent or less.
Licensing Fees: The government of Morehead issues licenses for engaging in a wide variety of different activities. Most commonly, 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 large cities in the U.S. charge fees, or tolls, on automobiles entering the city via public bridges and highways. This money is, more or less, a tax on everyone who drives into Morehead via public infrastructure. This means that everyone who visits is required to make at least a small contribution to the government services they'll be using while there.
How Can a Morehead, North Carolina Tax Attorney Help?
Tax Law in Morehead, North Carolina is not simple. Taxes are imposed on a wide range of activities, and the manner in which they're calculated can be very difficult. Additionally, there are usually special tax breaks or exemptions that may or may not apply to you.
Therefore, it's extremely important that you obtain the advice of a reliable Morehead, North Carolina tax attorney if you have any tax law questions.