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Tax Relief in New Jersey

New Jersey residents face some of the highest tax rates in the nation across multiple categories. With respect to property taxes, for example, the state collects an average of $2,893 per person, the highest amount out of all fifty states. New Jersey's top-tier personal income tax bracket ranks sixth highest nationwide at a rate of 8.97%. That tax, in conjunction with local taxes, results in an average collection of $1,204 per person, ninth highest overall in the United States. High local and state taxes can leave residents of New Jersey struggling to meet their everyday needs - rent, groceries, utilities, and so forth - while setting aside savings to pay their April 15th tax bills.

New Jersey's average federal income tax collection per person is also significantly higher than the national average of $11,715: a typical New Jersey resident pays $15,786 in federal income taxes, with higher amounts being collected only in Connecticut, District of Columbia, and New York.

Also, despite New Jersey having one of the highest median household incomes in the nation ($61,782), residents have also felt the impact of the 21.4% decline in average income over the past few years. This downturn, in combination with significantly high tax rates, have resulted in many individuals in New Jersey looking to tax relief as a way to alleviate the stress of owing money to federal and state tax authorities.

Tax relief companies provide clients with solutions to their serious tax problems, and can even help them to reduce their overall tax burden. Tax relief experts work with their clients to find the approach that best meets their personal needs, choosing from a large number of possible strategies available to New Jersey residents. These strategies can include negotiation of penalty abatement, audit representation and reconsideration, investigation of tax levies and liens, and setting up payment plans with the IRS.

 

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Tax Relief In The News

Scott Walker seeks more tax relief for seniors, parents in upcoming state budget

Scott Walker seeks more 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 year...

Published:  Mon, 17 Sep 2018 10:16:00 GMT



IRS Announces Tax Relief For Taxpayers Affected By Hurricane Florence

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



Getting property tax relief

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



IRS announces tax relief for Florence victims

The IRS said Saturday that those caught in Hurricane Florence will get extended time for the next quarterly estimated income tax filing deadline Monday, as well as payroll tax returns due at the end o...

Published:  Sat, 15 Sep 2018 18:12:00 GMT



City Council unanimously approves tax relief for Gold Star families

NORWICH - The City Council voted unanimously Monday to provide tax relief to military families who have lost a son, daughter or spouse in combat. The ordinance will allow qualified "Gold Star" familie...

Published:  Mon, 17 Sep 2018 18:36:00 GMT



ERDMAN: Nebraska needs property tax relief

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



The Rundown: Property tax relief for veterans organizations sought

A bill that would benefit veterans organizations was introduced Wednesday and moved quickly to the Senate Finance Committee on the same day. Senate Bill 1229 would give a tax exemption from all county ...

Published:  Sun, 16 Sep 2018 13:51:00 GMT



State needs to go beyond tax relief

Economics 101 courses usually include a discussion of "guns vs. butter," i.e., whatever is spent on national defense can't be spent on consumer goods. The formula is ignored on the national level - gu...

Published:  Mon, 17 Sep 2018 10:15:00 GMT



The Latest: IRS gives tax penalty relief to Florence victims

MYRTLE BEACH, S.C. (AP) - The Latest on Tropical Storm Florence (all times local): 3:50 p.m. The Internal Revenue Service says victims of Hurricane Florence will get a grace period before having to fi...

Published:  Sat, 15 Sep 2018 12:57:00 GMT



Sales tax exemptions eyed to fund Nebraska property tax relief

Nebraska's long list of state sales tax exemptions was identified Thursday as the best potential revenue source to help fund substantial local property tax relief during a legislative forum ...

Published:  Thu, 13 Sep 2018 13:30:00 GMT




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