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Tax Relief in Tennessee

Personal Tax refers to the tax on compensation earned by residents and nonresidents. These include wages and salaries along with interest, income from intangible property, dividends, and so on. Personal tax is one of the local taxes that fund governmental units, such as schools and other municipalities. Like six others states, including South Dakota, the state of Tennessee does not levy a personal tax, however, residents earning income from stocks, notes and bonds are considered to be earning taxable income. That tax has a flat rate of 6 percent.

Property tax also comes under personal taxes and the state of Tennessee levies this type of tax on its residents. It also offers tax relief to elderly and disabled property owners. The degree of tax relief provided through such programs takes into account the market value of the property in question.

For the rest of the residents, tax debt could very well become a reality. Delinquency concerning the amount owed to the IRS can lead to the issuance of a warrant/lien against you and your assets. The warrant makes it possible that any (or all) assets owned by you can be seized and then sold off to pay your debt. Other penalties keep being incurred, as the time passes. The only solution to this problem is to look for a tax consultant from a firm that offers tax relief.

The industry of tax relief keeps on increasing exponentially with a multitude of companies joining this race year after year. Helping the client get out of tax debt is paramount to a tax relief company. Strategies employed by such companies include negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review. Instead of waiting for the IRS to seize your assets, you should retain the services of a tax relief firm to assist.

 

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Tax Relief In The News

Hurricane relief, Delta tax break clear General Assembly

The Georgia Senate signed off Saturday on Hurricane Michael relief and a sales tax exemption on jet fuel, putting the wraps on a five-day special session of the General Assembly. Senators voted 43-9 t...

Published:  Sat, 17 Nov 2018 08:03:00 GMT



As Cuomo lauds Amazon deal, where's tax relief for the rest of NY (Editorial)

New York was always the odds-on favorite to win the national competition for Amazon's East Coast headquarters. The Big Apple has the nation's largest tech work force, and "the biggest factor driving o...

Published:  Sun, 18 Nov 2018 03:42:00 GMT



Letter, 11/18: Use resources to seek property tax relief

The prevailing political issue in this state is addressing high property tax rates, particularly in rural areas. Year in and year out, overburdened Nebraska taxpayers look to politicians for ...

Published:  Sat, 17 Nov 2018 20:55:00 GMT



Georgia lawmakers approve two hurricane relief bills and an airline tax break

ATLANTA (AP)-- Georgia lawmakers ended their special legislative session Saturday with the state Senate giving final approval to $470 million in emergency aid and tax incentives victims of Hurricane M...

Published:  Sun, 18 Nov 2018 07:34:00 GMT



Georgia Senate gives final approval to storm relief, airline tax bills

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 08:59:00 GMT



What's inevitable in an election year - taxes or tax relief

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



Baker OKs tax relief for disabled

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




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