Tax Lawyers: Relieving You From Tax Burden
As human civilization has progressed the nature of taxes has changed. The amount and the way of collecting taxes have also changed. As it has been already stated before that there are several types of taxes are collected at different levels of the government.
Different taxes are collected either by federal, state, etc. For example income-tax is collected by the federal government. State level taxes are devised by the state government. Florida has tax structure weighted basically against the poor.
As a result Florida is counted as one of the most unfair states in terms of taxation. Florida has the 31st highest tax paying state in USA while Georgia ranked as the 24th and Alabama as 42nd nationally.
Florida has a very positive tax climate for businesses. This has been revealed by the State Business Tax Climate Index which is 5th in terms of ranking. Neighboring states like Alabama and Georgia ranked as 25th and 28th in the aforesaid index.
It is one of the several states in USA which doesn’t have a separate income tax. Small partnership and sole proprietorship businesses pay taxes like an individual. This makes lowers the tax burden on small firms and makes the business scenario for small firms more competitive. A small Florida firm should always consult with a Florida Tax Lawyer to know in detail about the advantages and disadvantages.
The state has several favorable conditions that have ultimately contributed to the high rank in the aforesaid index. These factors include- absence of personal income tax, simple tax base, comparatively low income tax rates, less than average charged in terms of property tax, etc.
It has been seen that this state relies more on business taxes compared to other US states. There are several incentive programs too to woo new investors and retain the existing ones. The state levies 6% sales tax which has to be paid by all people (irrespective of affluence level) and the rate is 6th highest nationally. The gasoline ranks 5th and cigarette tax ranks 12th nationally. This is the reason probably why the states tax structure is considered unfavorable for the poor.
Before investing in any business in Florida it is important to consult a Florida Tax Lawyer. A attorney will evaluate how business and personal taxes are going to affect your pocket. This will in turn help you to create a plan on how to go about executing your plans.