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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

Smaller Tax Refunds Surprise Those Expecting More Relief

The tax preparers at H&R Block had to take a new class before their busy season started this year: empathy training. They listened to a mock exchange between an employee and a customer whose refund wo...

Published:  Wed, 13 Feb 2019 12:55:00 GMT



Critics say tax relief legislation would widen racial inequities

RICHMOND - Members of progressive groups are seeking to hold Gov. Ralph Northam to his promise to focus the remainder of his term on racial equity and to help reconcile Virginia's long history of raci...

Published:  Thu, 14 Feb 2019 10:22:00 GMT



Multiple property tax relief bills introduced

LINCOLN, Neb. (KOLN) - On Thursday at the State Capitol legislators heard testimony for two different bills aimed at lowering property tax in Nebraska. Lb-314 would take money from a bunch of places t...

Published:  Thu, 14 Feb 2019 17:05:00 GMT



Sen. Grassley Issues Floor Remarks on Tax Extenders, Disaster Tax Relief

WASHINGTON, Feb. 14-- The office of Sen. Charles E. Grassley, R-Iowa, issued the following floor remarks on tax extenders and disaster tax relief: "For several months now, we have been working to ...

Published:  Sat, 16 Feb 2019 17:21:00 GMT



Ready introduces, touts income tax relief bill

In this file photo Sen. Justin Ready, R-District 5 (Carroll County), raises his hand as he is sworn in on the opening day of the Maryland General Assembly in Annapolis Wednesday, Jan. 9, 2019. In this ...

Published:  Sat, 16 Feb 2019 11:07:00 GMT



Ricketts: A short history of property tax relief failures

It has often been said that it is helpful to understand history to avoid repeating the mistakes of the past. This year, state senators have proposed initiatives aimed at achieving property tax relief. ...

Published:  Wed, 13 Feb 2019 01:00:00 GMT



Lamont offers business tax relief, enhanced digital services

Gov. Ned Lamont unveiled his long-anticipated proposal Thursday to eliminate the business entity tax, a $250 fee nearly all Connecticut businesses pay once every two years. The governor, who must deli...

Published:  Fri, 15 Feb 2019 06:37:00 GMT




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