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Minnesota residents are feeling the burden of the same financial struggles affecting the rest of the nation, including those that come as a result of tax debt. For instance, Minnesota's top tier of personal income tax is fourth highest in the United States at a rate of 9.85%. The state collects an average of $1,404 per person in local and state income tax each year, ranking the state 6th highest nationwide.
Even with respect to property taxes, Minnesotans pay approximately $1,535 per person each year, which places the state in 16th highest place overall.
Although property taxes in the state are relatively low, Minnesota residents often find themselves in the position of owing money to the IRS and to local and state collection agencies. For Minnesotans who have little-to-no savings, and who often live from one paycheck to the next, setting aside the money to pay Uncle Sam is often a lower priority than paying the rent, taking care of medical bills, buying groceries, or making car payments. Paying taxes takes a backseat to meeting immediate, urgent needs.
While the average amount of federal taxes collected in Minnesota is almost the same as the national average of $11,715, the state's median household income has declined by 17% in recent years.
Financial difficulties have prompted many Minnesotans to seek out tax relief as a solution to increasing personal debt. Tax relief companies help individuals to minimize the stress of owing money to state and federal tax authorities, and to avoid the possibility of assets being seized or wages garnished. Experts in tax relief work with their clients to reduce their overall tax debt and can use a variety of methods to do so. Some such approaches include negotiating penalty abatement, setting up installment agreements with the IRS, and amending previous years' tax returns.
Tax Relief In The News
Abode Communities Under the Rent Relief Act, a refundable tax credit would be available to those who make less than $100,000 a year and spend at least 30 percent of their income on rent, including uti...
Published: Fri, 20 Jul 2018 12:13:00 GMT
Theatre benefitted from £77 million of tax relief in 2017//18, up from £44 million the year before - a 75% increase. Official statistics released by the government show that there were 910 claims made ...
Published: Fri, 20 Jul 2018 07:49:00 GMT
The Alpharetta City Council has advanced an ordinance calling a Nov. 6 referendum to ask voters to approve a new, local homestead exemption, and approved a resolution calling on a state legislator to ...
Published: Fri, 20 Jul 2018 05:25:00 GMT
New Delhi, July 17: With the 7th Pay Commission recommendations being implemented, government employees are paid arrears of salaries and allowances with a retrospective effect. For the financial year ...
Published: Tue, 17 Jul 2018 00:18:00 GMT
Texas - Victims of severe storms and flooding that began on June 19, 2018 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disast...
Published: Tue, 10 Jul 2018 00:09:00 GMT
DETROIT, MI - Detroit is taking steps to ensure more low-income homeowners can stay in their homes by inviting them to apply for tax relief and allowing people to buy back houses in foreclosure. As of ...
Published: Tue, 10 Jul 2018 18:54:00 GMT
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