Tax Lawyers in Franklin
Franklin, New Jersey has to gather taxes from its residents in order to pay for basic services that we've come to expect, like roads and schools.
In Franklin, New Jersey, there are various different sources of tax revenue. Irrespective of the source, however, taxes are always levied in amounts decided by the relevant laws. Typically, taxes are calculated as a percentage of something, such as income or home value. Sometimes, however, they are simply collected as a flat fee (usually in exchange for a license or permit).
Residents of Franklin are legally obligated to pay their taxes. Failure to do so can result in civil penalties, criminal fines, and even imprisonment.
Sources of Tax Dollars in Franklin, New Jersey
Taxes can come from a wide number of sources in Franklin, New Jersey, such as sales tax, administrative/licensing fees, and tolls.
Sales Tax: In Franklin, the sales tax is a tax that's added to the price of goods at the point of sale. Typically, you have to pay a city sales tax on top of whatever sales tax is levied by . Normally, the local sales tax is much smaller than the state tax, which is typically in the area of 5-8%, with the city tax most often being less than one percent.
Licensing Fees: The city of Franklin may require business owners to acquire a license from the local government before they begin operating within city limits. Typically, the main hurdle involved in obtaining one of these licenses is paying a fee to the city government. Although these payments are called "fees" as opposed to "taxes," they operate in the same way, and serve largely the same purpose, as taxes.
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 everybody who drives into Franklin via public infrastructure. This means that everyone who visits is obligated to make at least a small contribution to the government services they'll be using while there.
How Can a Franklin, New Jersey Tax Attorney Help?
In Franklin, New Jersey, many different laws and regulations govern taxes, making the theoretically simple task of determining one's tax liability pretty difficult. On top of that, there are many different breaks and exemptions that apply to specific types of groups and individuals, further complicating things.
Thus, if you have any questions or problems with your taxes in Franklin, New Jersey, it's very important to speak with a knowledgeable Franklin tax law specialist.