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Tax Relief in South Dakota

The residents of South Dakota are in a better position when it comes to personal taxes, as compared to the rest of the country. South Dakota does not levy an individual State tax and it is one of the only seven states to do so. Personal and property taxes, together, are the local taxes which fund governmental units, including schools systems and the municipalities of South Dakota. Both types of taxes are not collected or used by South Dakota's revenue department, however, the department does assess the property of large companies.

Falling prey to a decrease in the median household income, along with the rest of the country, the figures reached a value of $48,947 in 2013 (latest figures available). This drop was from $49,064 the year before that. Looking at these figures, it is understandable that some South Dakotans may be experiencing financial issues such as tax debt. Compounding the issue are the factors such as unemployment, low minimum wages, and recessions, and several may be searching for tax relief programs in their State.

The past few years have seen an exponential growth in the industry of tax debt relief to help individuals and families. The multitude of companies joining this race is only increasing. The reason for this is that tax relief companies employ various strategies to help their clients with their tax debts. Among the tools used are negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review. Owing the IRS and other state tax authorities is not only stressful but may eventually lead to seizure of your assets and bank accounts. Residents that have fallen into tax delinquency and debt can avail themselves of the services of such companies. These firms will help them minimize or eliminate their debt in a limited amount of time, in lieu of shelling out cash year after year to the tax authorities.

 

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Tax Relief In The News

Tax relief of more than $1 billion a year for building owners possible

More than $1 billion of tax relief each year for building owners is on the table if the Tax Working Group recommends and the Government accepts that depreciation on buildings should be allowed again. ...

Published:  Sun, 23 Sep 2018 21:28:00 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



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



Lamont offers more tax relief in jobs plan

Democrat Ned Lamont has come down hard on his GOP rival for proposing unprecedented tax relief with no plan to pay for it. But Wednesday, Lamont unveiled a jobs plan centered on three business tax ...

Published:  Wed, 19 Sep 2018 14:49:00 GMT



New Repatriation Tax Relief for RICs and Foreign Income Guidance for REITs

On September 6, the Internal Revenue Service ("IRS" ) released Revenue Procedure 2018-47 (the "RIC Rev Proc" ) which provides that, a repatriation deemed to have been received by a registered investment ...

Published:  Fri, 21 Sep 2018 14:03:00 GMT



Republicans push for tax relief for NC, SC victims of Hurricane Florence

With the cleanup from Hurricane Florence just beginning for many residents of North and South Carolina, three congressmen want to provide storm victims with tax relief. Rep. George Holding of Raleigh ...

Published:  Thu, 20 Sep 2018 13:11:00 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




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