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Tax Relief in Texas

Individual wages and salaries earned by the residents and nonresidents form the sources of personal taxes. The state levies these taxes to fund its governmental units like school systems, road maintenance and more. Seven states of the country do not levy a personal income tax on their residents. These states include South Dakota, Tennessee, Texas and others. South Dakota compensates this exemption by levying property tax at the state level. While in Tennessee, the residents have to pay a tax on income earned from bonds, stocks etc. The state of Texas, on the other hand, does neither.

Property tax is collected by local taxing units in Texas. These include counties, cities, and school districts. Automobiles, airplanes, boats and travel trailers all fall under the category of personal property that can be taxed, if they are a source of income. The total tax rate will vary, from county to county and even year to year. A residential homestead exemption is available for people who became owners of a particular property on January 1. While even greater exemptions are given to taxpayers who are 65 (and older) or disabled.

The latest figures available for the median household income in the state of Texas are the figures from the year 2013. These figures show a value of $51,704 which is not only lower than the median household income in the US ($52,250) but also a decrease from what the value used to be in 2012 ($51,477) in the state of Texas itself. A decrease in household income is often attributed to an increase in debt and sometimes, outstanding taxes. For those that are seeing a smaller paycheck it can be a challenge to set aside enough money to pay for any unexpected expenses. Factors like lower income and an increasing rate of unemployment can create a greater tax delinquency. Tax relief programs offer solutions to these residents.

Using strategies like negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review, various companies offer tax relief programs. A tax relief company will work with its clients to get them out of tax debt. Tax delinquency is a very serious issue and can result in the seizure of your assets. A tax relief company can offer a way out.

 

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Tax Relief In The News

Property tax relief alternative would increase sales tax

On Day 6 of the 2018 Legislature's 90-day session, its tax reform battle lines began to take shape. A comprehensive tax reform package that would hike the state sales tax rate by one-half cent ...

Published:  Wed, 16 Jan 2019 12:00:00 GMT



Senate Republicans propose tax relief with marijuana revenue

Revenue from the potential legalization of marijuana in New York would be committed to tax relief in a plan unveiled on Tuesday morning by Senate Republicans. The "Real Solutions" agenda ...

Published:  Tue, 15 Jan 2019 07:50:00 GMT



IRS Offers Some Penalty Relief For Taxpayers Who Didn't Withhold Enough In 2018

To ease the burden on taxpayers, the Internal Revenue Service (IRS) has advised that penalty relief may be available. While we joke about writing big checks on Tax Day, taxpayers typically pay their t...

Published:  Wed, 16 Jan 2019 13:23:00 GMT



COLUMN: Property tax relief Don't count on it

Meaningful property tax relief has little chance in the upcoming session of Nebraska's Legislature. What that says about representative democracy in our state is less clear. If we know only one thing ...

Published:  Wed, 16 Jan 2019 00:00:00 GMT



Ricketts focuses on property tax relief, frugal government

Gov. Pete Ricketts this week zeroed in on additional property tax relief and new workforce development initiatives along with the need to continue to adhere to a frugal state budget as he outlined ...

Published:  Wed, 16 Jan 2019 07:52:00 GMT



Ricketts: Property tax relief key goal for 2019

Tax relief was a highlight of Gov. Pete Ricketts' State of the State address during a visit to Grand Island Tuesday. After addressing the state Legislature in Lincoln, Ricketts toured the state, with ...

Published:  Tue, 15 Jan 2019 23:19:00 GMT



Seaboard Corp. makes exclusive appeal to Kansas Senate for tax relief

An executive with agriculture and transportation giant Seaboard Corp. said Wednesday investment in Kansas jobs could be at stake if the Legislature declined to change state tax law to accommodate comp...

Published:  Wed, 16 Jan 2019 11:55:00 GMT



Gov. Ricketts calls for constitutional amendment to limit growth in local property tax revenues

"Property tax relief is the No. 1 priority Nebraskans want as I travel the state," he told lawmakers in his annual State of the State speech. The proposal would fully fund state aid to schools at a co...

Published:  Tue, 15 Jan 2019 12:36:00 GMT



IRS to waive penalties for under-withholding after Trump tax changes

The tax law also suspended personal exemptions - tax reductions ... but said "more data from the IRS is needed to determine whether their action provides relief for a majority of taxpayers." "The long...

Published:  Wed, 16 Jan 2019 13:26:00 GMT



IRS to Go Easy on Taxpayers Suffering From 2018 Tax Code Confusion

"The IRS should consider what action the agency can take to provide penalty relief," Grassley said. "But the issue of underwithholding due to the passage of tax reform should not be exaggerated.

Published:  Wed, 16 Jan 2019 15:07:00 GMT




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