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Tax Relief in New Hampshire

When considering various dimensions of tax collection, New Hampshire's statistics vary widely. On the one hand, New Hampshire collects a flat rate of 5% on personal income, but restricts that collection to dividend and interest income only. This results in an average state income tax collection of only $63 per person, ranking the state 8th lowest in the nation.

On the other hand, New Hampshire residents pay an average of $2,518 per person in property taxes each year, the third-highest amount in the United States. These high property taxes can leave people wondering how to meet their tax obligation while still paying for more immediate, urgent needs. Keeping the utilities turned on, putting food on the table, and sending in the monthly rent or mortgage check usually takes priority to setting aside money for a once- or twice-a-year property tax payment.

With respect to federal income taxes, New Hampshire sees a state average of $11,338 per person, just $408 less than the national average. This is in contrast to New Hampshire having the highest median household income level in America, with an average of $71,322. However, state residents have felt the economic downturn that has impacted the rest of the country, as that median household income represents a 6.1% decline in recent years.

For those New Hampshire residents for whom tax debt poses a challenge, tax relief is a strategy that is gaining popularity as a means of managing financial struggles. As individuals find themselves facing significant amounts of money owed to federal and state tax authorities, tax relief companies can provide an alternative to that stress and can even help significantly reduce residents' overall tax burdens. Experts in tax relief can help clients navigate the available options, including establishment of payment plans with the IRS, tax levy investigation, and amending prior years' tax returns.

 

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Tax Relief In The News

Alcohol industry pushes lawmakers to uncork excise tax relief

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



Now: Pensions renews tax relief top-up

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



Tax Relief Associates provides an insight into one of the IRS tax relief programs

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



IRS offering tax relief for Greensboro, Guilford County residents affected by tornado

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



Pot may provide tax relief for new school in Easthampton

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



Peter Costello praises budget for delivering tax relief to the 'forgotten people'

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



Yes on Prop. 72 for water and tax relief

Proposition 72 is a rare, commonsense tax relief proposal coming out of Sacramento. As such, we recommend voters approve it. Currently, homeowners who install rainwater capture systems in their yards face higher property tax bills, which effectively ...

Published:  Tue, 08 May 2018 13:30:00 GMT




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