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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
Less than nine months after state lawmakers shelved a tax break for airlines like Delta when the company snubbed the National Rifle Association, all was forgiven Saturday. Breaking marketing ties with ...
Published: Sat, 17 Nov 2018 08:27:00 GMT
What's an elected official to do, in an election year, when there's a possibility that sitting on his or her hands could mean an additional $1.2 billion to spend Here's a hint from Senate Majority Le...
Published: Thu, 15 Nov 2018 15:25:00 GMT
Washington November 16, 2018 - Senators Dianne Feinstein and Kamala Harris (both D-Calif.) joined with Senators Richard Burr (R-N.C.), Thom Tillis (R-N.C.), Lindsey Graham (R-S.C.), Tim Scott ...
Published: Fri, 16 Nov 2018 09:16:00 GMT
WESTFORD -- Disabled residents in town will soon be able to access new property tax exemptions up to $2,000 after a law approving the local change was formally signed by Gov. Charlie Baker. Efforts to ...
Published: Fri, 16 Nov 2018 02:35:00 GMT
Casino junket operators are asking Macau's government for tax relief and more help in chasing down VIP gambling debtors. Tuesday's edition of the Macau Gaming Summit 2018 saw junket operators ...
Published: Thu, 15 Nov 2018 00:06:00 GMT
KINGSTON, N.Y. - The developer of the planned Star Vodka distillery and event venue in West Park has, for the time being, sharply reduced the amount of tax relief he is seeking. Charles Ferri now is s...
Published: Wed, 14 Nov 2018 13:17:00 GMT
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