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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

The Ultra-Rich Are Finally Getting Relief From Their Estate-Tax Burden

Under siege and weary from their crushing financial burden, the nation's ultra-rich are finally getting the tax relief they so desperately need. We wish we could feel not only their pain but also the ...

Published:  Mon, 12 Nov 2018 21:28:00 GMT



Optima Tax Relief Bootstraps Their Way To 550 Employees And Growing

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Published:  Wed, 31 Oct 2018 20:50:00 GMT



$13M property tax relief grants available for S. IL schools

MARION, IL (KFVS) - Applications for property tax relief grants to eligible school districts in Illinois are being accepted. According to Rep. Dave Severin (R-Benton) this property tax swap is intende...

Published:  Thu, 01 Nov 2018 07:56:00 GMT



Why San Francisco's big business tax for homeless relief succeeded after Seattle's crumbled

Two tech hubs, two crises of homelessness, two taxes on big business, two very different outcomes. San Francisco voters on Tuesday approved a new tax on the city's top-grossing companies to double the ...

Published:  Wed, 07 Nov 2018 08:29:00 GMT



UK tax relief reintroduced for acquired goodwill with 'strong connection' to IP

The UK government intends to re-introduce tax relief for acquired goodwill, but only to the extent that it has a 'strong connection' to intellectual property (IP) itself qualifying for relief, a consu...

Published:  Mon, 12 Nov 2018 02:41:00 GMT



What does the removal of lettings tax relief mean for landlords

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Published:  Thu, 08 Nov 2018 05:34:40 GMT




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