Tax Lawyers in Rumson
Rumson, New Jersey has to collect taxes from its residents in order to pay for basic services that we've come to expect, like roads and schools.
In Rumson, New Jersey, there are many different sources of tax revenue. Irrespective of the source, however, taxes are always levied in amounts determined by the relevant laws. Usually, 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 Rumson 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 Rumson, New Jersey
A wide variety of activities are subject to taxation in Rumson, New Jersey, creating a large range of revenue sources. For example, cities usually impose a sales tax, charge fees for certain licenses, and collect tolls on roads and bridges.
Sales Tax: The sales tax imposed by Rumson is on top of the sales tax collected by the government of . Sales taxes are usually fairly small - about 5-7% at the state level, plus a city sales tax that's usually one percent or less.
Licensing Fees: The city of Rumson may require business owners to obtain 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 everyone who drives into Rumson 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 Rumson, New Jersey Tax Attorney Help?
Tax Law in Rumson, New Jersey is sometimes simple. More often than not, however, some wrinkle appears that makes determining one's tax liability more confusing 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.
Therefore, it's extremely important that you obtain the advice of a qualified Rumson, New Jersey tax attorney if you have any tax law questions.