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Tax Relief in Kentucky

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.

 

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Tax Relief In The News

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Published:  Mon, 19 Nov 2018 10:45:00 GMT



Most low earners missing out on tax relief are women

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Published:  Tue, 20 Nov 2018 00:47:00 GMT



Georgia Senate gives final approval to storm relief, airline tax bills

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Published:  Sat, 17 Nov 2018 08:59:00 GMT



Exonerees Racing Against a Tax Clock

He is trying to get word out to defense attorneys and anyone who might know exonerees that a filing deadline for the Wrongful Conviction Tax Relief Act is Dec. 17. "No one else was going out and findi...

Published:  Mon, 19 Nov 2018 19:26:00 GMT



What's inevitable in an election year - taxes or tax relief

What's an elected official to do, in an election year, when there's a possibility that sitting on his or her hands could mean an additional $1.2 billion to spend Here's a hint from Senate Majority Le...

Published:  Thu, 15 Nov 2018 15:25:00 GMT




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