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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
The alcohol industry is pressing Congress to make permanent the excise tax relief it received under the Republican tax law. The measure President Trump Donald John Trump Oregon governor to face state rep in November Ashford, Eastman neck and neck in ...
Published: Wed, 16 May 2018 03:00:10 GMT
Workplace pension provider Now: Pension will be topping up pension pots of non-taxpayer members, to make up for the income tax relief shortfall, for the 2017 to 2018 and 2018 to 2019 tax years. Currently, as many as 300,000 low paid earners are being ...
Published: Tue, 15 May 2018 03:33:00 GMT
SAN DIEGO, May 15, 2018 (GLOBE NEWSWIRE) -- When couples file a joint tax return, each individual is liable for an equal payment of all taxes including penalties and interest for that given year. In the case of divorce or a divorce decree stating that one ...
Published: Tue, 15 May 2018 15:46:00 GMT
GREENSBORO - The Internal Revenue Service has announced tax relief for those in Greensboro and Guilford County affected by the April 15 tornado. The move comes as a result of President Trump approving a disaster declaration Tuesday for those areas ...
Published: Fri, 11 May 2018 12:35:00 GMT
EASTHAMPTON - Proponents of recreational marijuana have long touted the tax benefits of legalization. Now Easthampton may use those benefits to address rising property taxes. Introduced by Councilor Owen Zaret, a resolution referred to the City Council ...
Published: Fri, 18 May 2018 20:28:00 GMT
Former treasurer Peter Costello has heaped praise on the Turnbull government's $140 billion income tax cuts for delivering tax relief to the "forgotten people", but cautioned it may never be realised. Last week, Mr Costello threw a hand grenade into the ...
Published: Sun, 13 May 2018 18:00:00 GMT
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