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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

Smaller Tax Refunds Surprise Those Expecting More Relief

The tax preparers at H&R Block had to take a new class before their busy season started this year: empathy training. They listened to a mock exchange between an employee and a customer whose refund wo...

Published:  Wed, 13 Feb 2019 12:55:00 GMT



Critics say tax relief legislation would widen racial inequities

RICHMOND - Members of progressive groups are seeking to hold Gov. Ralph Northam to his promise to focus the remainder of his term on racial equity and to help reconcile Virginia's long history of raci...

Published:  Thu, 14 Feb 2019 10:22:00 GMT



Multiple property tax relief bills introduced

LINCOLN, Neb. (KOLN) - On Thursday at the State Capitol legislators heard testimony for two different bills aimed at lowering property tax in Nebraska. Lb-314 would take money from a bunch of places t...

Published:  Thu, 14 Feb 2019 17:05:00 GMT



Sen. Grassley Issues Floor Remarks on Tax Extenders, Disaster Tax Relief

WASHINGTON, Feb. 14-- The office of Sen. Charles E. Grassley, R-Iowa, issued the following floor remarks on tax extenders and disaster tax relief: "For several months now, we have been working to ...

Published:  Sat, 16 Feb 2019 17:21:00 GMT



Ready introduces, touts income tax relief bill

In this file photo Sen. Justin Ready, R-District 5 (Carroll County), raises his hand as he is sworn in on the opening day of the Maryland General Assembly in Annapolis Wednesday, Jan. 9, 2019. In this ...

Published:  Sat, 16 Feb 2019 11:07:00 GMT



Ricketts: A short history of property tax relief failures

It has often been said that it is helpful to understand history to avoid repeating the mistakes of the past. This year, state senators have proposed initiatives aimed at achieving property tax relief. ...

Published:  Wed, 13 Feb 2019 01:00:00 GMT



Lamont offers business tax relief, enhanced digital services

Gov. Ned Lamont unveiled his long-anticipated proposal Thursday to eliminate the business entity tax, a $250 fee nearly all Connecticut businesses pay once every two years. The governor, who must deli...

Published:  Fri, 15 Feb 2019 06:37:00 GMT




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