Rhode Island Tax Lawyers
In Rhode Island "taxes" are monies taken from persons or corporations by the government, at a rate set by law.
The taxes that Rhode Island 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 Rhode Island is obliged to pay their taxes. If you don't pay the taxes assessed against you, you are committing a significant criminal offense, punishable by jail time and large fines.
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Sources of Tax Revenue in Rhode Island
Taxes in Rhode Island 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 Rhode Island, 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. But, 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. Everybody in the U.S., including in Rhode Island, has to pay the federal income tax. Most states also have their own income tax. You are further 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: The property tax in Rhode Island is applied to every owner of real property (land and buildings). The state collects from every property owner a percentage of the property's value, on an annual basis. The state first calculates the value of every piece of property within its territory. It then notifies the owner of this assessment, and sometimes gives them an chance to contest it (apparently, people want their assessed property value to be as low as possible, so it will be subject to the lowest tax possible). Normally, the property tax is paid as a monthly payment, sometimes included in one's mortgage.
How Can A Rhode Island Tax Lawyer Help?
If you participate in the economy of Rhode Island, whether it's by running a business, earning a wage, or owning property, you're likely to have some tax commitments.
Tax law issues in Rhode Island are never simple. In fact, most tax attorneys ONLY practice tax law in Rhode Island, because tax law is so confusing that an attorney pretty much has to specialize in it. This has the benefit of creating a situation where every competent tax attorney is practically an expert in tax law, because they have to be. If you have a problem with your taxes, whether state or federal, it is always a good idea to get some advice from a good Rhode Island tax lawyer.
Rhode Island is situated along the eastern portions of the United States. It has the second highest population density of all U.S. states, although it has the smallest total area. There are no county governments in the state, as Rhode Island is divided into municipalities which oversee government matters for the state's 39 towns and cities.
As one of the older U.S. states, Rhode Island played a major part in the development of early American laws and government structure. Today it is often at the forefront of legal and legislative trends. For example, Rhode Island was the second U.S. state to abolish capital punishment. Out of the 50 states, Rhode Island has one of the most complex body of tax laws.
Rhode Island's highest court divisions are the Supreme Court of Rhode Island and the Superior Court. Below these levels, Rhode Island operates District Courts and Municipal Courts. Rhode Island's judiciary is distinct in that it also has a separate Worker's Compensation Court. Many landmark cases have been heard at Rhode Island's Supreme Court. An important Rhode Island case is Picard v. Barry Pontiac-Buick, Inc. (1995, often cited in law schools as the standard example of battery.
Lawyers in Rhode Island practice law according to strict professional standards and guidelines. This helps to boost the degree of professionalism for Rhode Island lawyers. Continuing Legal Education Programs help attorneys in Rhode Island sharpen their legal skills.