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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

7th Pay Commission: How to claim tax relief for arrears

New Delhi, July 17: With the 7th Pay Commission recommendations being implemented, government employees are paid arrears of salaries and allowances with a retrospective effect. For the financial year ...

Published:  Tue, 17 Jul 2018 00:18:00 GMT



Uhuru signs law on tax relief for low-cost housing beneficiaries

President Uhuru Kenyatta yesterday signed into law a Bill creating a 15 per cent tax relief for Kenyans buying houses under the Affordable Housing Scheme. The President signed an amendment to the Inco...

Published:  Wed, 18 Jul 2018 14:28:00 GMT



David Watt: Claiming tax relief for museums and galleries need not be too taxing

In the context of ongoing uncertainty around cultural funding, the launch of a tax relief for museums and galleries is welcome news. A tax relief will never replace funding, and specifications and lim...

Published:  Mon, 16 Jul 2018 22:17:00 GMT



Low-income Detroiters can apply for tax relief, foreclosure prevention

DETROIT, MI - Detroit is taking steps to ensure more low-income homeowners can stay in their homes by inviting them to apply for tax relief and allowing people to buy back houses in foreclosure. As of ...

Published:  Tue, 10 Jul 2018 18:54:00 GMT



Vaughn Palmer: Public payroll tax relief tilts James' promise for level playing field

VICTORIA - After weeks of speculation, Finance Minister Carole James this week announced relief from the new payroll tax for public service providers like schools and hospitals as well as many chariti...

Published:  Fri, 06 Jul 2018 18:07:00 GMT



Tax relief for severe storms and flooding victims

Texas - Victims of severe storms and flooding that began on June 19, 2018 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disast...

Published:  Tue, 10 Jul 2018 00:09:00 GMT



Homeowners can now enjoy 15pc tax relief

The tax relief at 15 per cent of gross emoluments will be extended to Kenyans aspiring to buy homes under the scheme, but will not exceed Sh108,000 per year. The amendment to the Income Tax Act, signe...

Published:  Wed, 18 Jul 2018 14:58:00 GMT



New Jerseyans Need Tax Relief - Not More Spending and Higher Taxes

While New Jersey narrowly avoided a second straight government shutdown, the budget agreement that was achieved at the last minute will have a serious impact on area taxpayers that will be felt for ye...

Published:  Wed, 18 Jul 2018 11:53:00 GMT




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