Tax Lawyers in Summit

Summit, 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 Summit, 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. 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 Summit 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 Summit, New Jersey

A wide number of activities are subject to taxation in Summit, 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 Summit 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: In Summit, licenses are required to engage in many different activities, or at least to do so legally. The most common of these are business licenses. While some professions require licenses because the state has an interest in ensuring competence in them (in law and medicine, for instance), many business licenses exist for the primary purpose of collecting revenue, and therefore serve 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 Summit 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 Summit, New Jersey Tax Attorney Help?

In Summit, New Jersey, tax law can get pretty complicated. Taxes are levied on a huge range of products and activities, and they are often calculated in perplexing ways. Also, many groups and individuals are subject to special tax breaks and exemptions, which might or might not apply to you.

Therefore, it's very important that you seek the advice of a qualified Summit, New Jersey tax attorney if you have any type of issue involving local taxes.