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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.
Tax Relief In The News
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
President Uhuru Kenyatta yesterday signed into law a Bill creating a 15 per cent tax relief for Kenyans buying houses under the Affordable Housing Scheme. The President signed an amendment to the Inco...
Published: Wed, 18 Jul 2018 14:28:00 GMT
In the context of ongoing uncertainty around cultural funding, the launch of a tax relief for museums and galleries is welcome news. A tax relief will never replace funding, and specifications and lim...
Published: Mon, 16 Jul 2018 22:17:00 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
VICTORIA - After weeks of speculation, Finance Minister Carole James this week announced relief from the new payroll tax for public service providers like schools and hospitals as well as many chariti...
Published: Fri, 06 Jul 2018 18:07:00 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
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