New Jersey Tax Lawyers
In New Jersey "taxes" are monies taken from individuals or corporations by the government, at a rate set by law.
The taxes that New Jersey collects pay for necessary 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 New Jersey is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing a serious criminal offense, punishable by jail time and large fines.
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Sources of Tax Revenue in New Jersey
Taxes in New Jersey can be derived from a large number of different sources, and in different amounts. The most typical 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 New Jersey, the sales tax is calculated as a percentage of the sale price of most (but typically 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: Income tax is, as the name implies, a tax on income. Everyone in the U.S., including in New Jersey, has to pay the federal income tax. Most states also have their own income tax. You are also legally obliged to pay the income tax of your state, though the state income tax rates are considerably lower than the federal rate. The federal tax rate ranges from 10% to 33% of taxable income. Obviously, those with a higher income are taxed at a higher rate, for the most part.
Property Tax: In New Jersey, a property tax only applies to people who own real estate (land or houses). Typically, the state appraised (estimates the value of) every piece of real estate under its jurisdiction. It then imposes on owners an annual tax calculated as a percentage of the property's appraised value. Property tax can be paid in various ways, but many people have arrangements authorizing them to pay their property taxes in manageable monthly installments, right alongside their mortgage payments. Sometimes, the mortgage and tax can be bundled into a single payment.
How Can A New Jersey Tax Lawyer Help?
If you engage in any economic or commercial activity in New Jersey, such as working, selling products, owning property, or anything else, it's a near certainty that you are going to have some tax liability.
Tax Law in New Jersey can get extremely intricate. It is so complex that most tax attorneys in New Jersey practice tax law exclusively, eschewing all other practice areas. So, this specialization means that most tax lawyers are experts in their fields. It should go without saying, then, that a New Jersey tax lawyer can be invaluable if you have an issue with your taxes.
New Jersey is located in the northeastern quarter of the United States and has a population of well over 8 million people. It is the most densely populated of all the 50 states and is listed as the third wealthiest according to median household income.
New Jersey's legal system revolves around its three basic levels of courts- the Municipal Courts, Superior Courts, and the New Jersey Supreme Court. Unlike most states, New Jersey does not have an intermediate court district for appeals; instead, the Superior Court operates its own Appellate Division that processes appeals. There is also a Tax Court system with limited jurisdiction to settle tax disputes.
The judiciary of New Jersey is also unique in that it still has separate courts for law and equity. Also, the Superior Court system is further divided into divisions of Law and Chancery at the trial level. These features allow the state to process a variety of different claims in an efficient manner. New Jersey has also produced many major figures in U.S. jurisprudence, including U.S. Supreme Court Justices William Brennan, Jr., Antonin Scalia, and Samuel Alito.
Lawyers in New Jersey have experience in guiding clients through the state's court system. Most New Jersey lawyers begin by filing claims at the Superior Court level. Attorneys are available to provide legal advice and representation in New Jersey courts.