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Tax Relief in Virginia

The state of Virginia requires its residents to pay income tax. This type of tax is imposed on an individual's wages or salary and the amount is based on what is being earned. The amount received in the form of income and property taxes is used by the state to ensure smooth running of governmental units like school systems etc. However, there is no property tax in Virginia on the state level. Thus, the local government is responsible for the collection of property taxes.

The latest figures for the median household income available are from 2013, which identify that in Virginia, median household income is $10,416 higher than the median household income for US. When compared with the values of the state itself in 2005 ($64,721), the figure ($62,666) is considerably lower. The figures for median family income for the state of Virginia are $75,524, which is higher than that for the value of median family income in the US ($64,030). However, ten years ago, the average used to be $77,768. With household and family income decreasing every year and the current rate of unemployment, tax debt has turned into a reality for many residents.

Helping individuals battle against the consequences of tax delinquency are firms that provide tax relief. Since those consequences include monetary penalties as well as liens and warrants declaring your property to be sold to pay off debt to the IRS, opting to work with a good tax relief firm is a viable solution. Tax relief is achieved by using strategies like negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review. Several strategies exist and are used every day to help individuals fix their tax debts with State and Federal entities.

 

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Tax Relief In The News

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



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



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



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



Sales tax exemptions eyed to fund Nebraska property tax relief

Nebraska's long list of state sales tax exemptions was identified Thursday as the best potential revenue source to help fund substantial local property tax relief during a legislative forum ...

Published:  Thu, 13 Sep 2018 13:30:00 GMT




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