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Kentucky residents face significant challenges when considering the state's statistics with respect to personal tax liability. A primary reason for these challenges is the sharp decline in the median household income: Kentucky's median dropped sharply, by 18.5%, to $42,158. This places Kentucky with 44th lowest income level in the nation.
Because of its lower household income levels, Kentucky ranks 47th in the average amount of federal income tax collected per resident: $8,057, well below the national average of $11,715. Also, Kentucky has the 5th lowest property tax collection rate in the United States, with an average of $689 per resident.
However, despite its considerably lower income levels, Kentucky does rank 15th highest nationally with respect to state and local income taxes collected. In an average year, Kentucky collects $1,033 per person.
This combination of lower incomes and higher taxes, along with individual struggles with unemployment, medical bills, and other unforeseen events has resulted in a considerable number of Kentuckians with delinquent state and federal tax payments. It is hard to put money into savings to pay federal and state tax bills when there isn't even enough to pay for immediate needs of food, shelter, clothing, and transportation to work. Tax relief is becoming more popular as residents look for help in meeting their financial obligations.
Tax relief companies are structured so as to help clients address their tax struggles and avoid the pressure of owing the IRS and state tax authorities, along with the possibility of having assets seized or wages garnished. Experts in tax relief use a wide variety of methods to help clients with their delinquent taxes; some examples are a complete investigation of clients' current financial status, preparing a resolution proposal for the IRS, and setting up a personalized payment plan for tax debt.
Tax Relief In The News
Scott Walker seeks tax relief for seniors, parents in upcoming state budget Scott Walker is seeking to provide more tax relief for seniors and parents paying for child care over the next two years if ...
Published: Tue, 18 Sep 2018 06:54:00 GMT
Carolinas' Coast Line Recovers From Hurricane Florence, As Storm Continues To Pour Heavy Rain On The States2018 Getty Images The Internal Revenue Service (IRS) has announced tax relief for victims of ...
Published: Sat, 15 Sep 2018 11:42:00 GMT
As we move forward to the general election, we must remember that state leaders can provide municipal property tax relief through their work on the next state biennium budget and I am asking that they ...
Published: Mon, 17 Sep 2018 21:14:00 GMT
SOUTH WINDSOR - The Town Council on Monday unanimously approved a senior tax stabilization ordinance, raising the annual income limits to include more seniors in town. Proposed by Deputy Mayor Andrew ...
Published: Tue, 18 Sep 2018 10:16:00 GMT
Nebraskans desperately need property tax relief. Over the past ten years property valuations on agricultural land have increased 252 percent statewide and taxes have increased 162 percent. Meanwhile, ...
Published: Sat, 15 Sep 2018 23:00:00 GMT
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