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Tax Relief in Kentucky

Kentucky MapKentucky residents face significant challenges when considering the state’s statistics with respect to personal tax liability. A primary reason for these challenges is the sharp decline in the median household income: Kentucky’s median dropped sharply, by 18.5%, to $42,158. This places Kentucky with 44th lowest income level in the nation.

Because of its lower household income levels, Kentucky ranks 47th in the average amount of federal income tax collected per resident: $8,057, well below the national average of $11,715. Also, Kentucky has the 5th lowest property tax collection rate in the United States, with an average of $689 per resident.

However, despite its considerably lower income levels, Kentucky does rank 15th highest nationally with respect to state and local income taxes collected. In an average year, Kentucky collects $1,033 per person.

This combination of lower incomes and higher taxes, along with individual struggles with unemployment, medical bills, and other unforeseen events has resulted in a considerable number of Kentuckians with delinquent state and federal tax payments. It is hard to put money into savings to pay federal and state tax bills when there isn't even enough to pay for immediate needs of food, shelter, clothing, and transportation to work. Tax relief is becoming more popular as residents look for help in meeting their financial obligations.

Tax relief companies are structured so as to help clients address their tax struggles and avoid the pressure of owing the IRS and state tax authorities, along with the possibility of having assets seized or wages garnished. Experts in tax relief use a wide variety of methods to help clients with their delinquent taxes; some examples are a complete investigation of clients’ current financial status, preparing a resolution proposal for the IRS, and setting up a personalized payment plan for tax debt.

 

Sales tax exemption a win for Kentucky nonprofits

The Kentucky Derby Museum is one of the organizations that will benefit from a sales tax exemption for nonprofits. | Photo by Rebekah Alvey The last session of the Kentucky General Assembly ...

Published:  Tue, 23 Apr 2019 09:05:00 GMT



Booker tax returns show income drop, high charitable giving

Michael Wyke AP Photo Democratic presidential candidate Cory Booker has released 10 years of tax returns, showing his income dipped significantly last year but he remained generous toward charity. ...

Published:  Wed, 24 Apr 2019 14:58:00 GMT



Kentucky Derby horses: Tax goes from maiden-claiming ranks to Derby

Kentucky Derby horses: Tax goes from maiden-claiming ranks to Derby Tax is set to be trainer Danny Gargan's first Kentucky Derby starter. Check out this story on courier-journal.com: ...

Published:  Mon, 22 Apr 2019 17:14:00 GMT



Ky. Supreme Court rules that tax documents must be made public

The Kentucky Supreme Court ruled that the state's Department of Revenue must make its rulings public. The ruling was made in the case of the Department of Revenue v. Mark F. Sommer. Sommer is a member ...

Published:  Mon, 22 Apr 2019 12:37:00 GMT



Tax Odds to Win the 2019 Kentucky Derby with Picks and Predictions

Want a surefire test of whether a name for a horse is a good one or not? It's simple. If you are thinking of a simple, common one-word name for a horse and that name is available then it is a bad name ...

Published:  Wed, 17 Apr 2019 14:59:00 GMT



How to avoid a goose attack, tax day freebies, Kentucky Derby ice cream: 3 things to know

How to avoid a goose attack, tax day freebies, Kentucky Derby ice cream: 3 things to know When geese attack, tax day freebies, Derby ice cream: Three headlines you may have missed Check out this story ...

Published:  Mon, 15 Apr 2019 17:56:00 GMT



Federal law helps cut Humana income tax bill by $1.2B in 2018; other companies see mixed impact

The tax cuts' impact on wages ... and has won awards from multiple journalism organizations in Indiana and Kentucky for feature series, news, First Amendment/community affairs, nondeadline ...

Published:  Tue, 23 Apr 2019 02:45:00 GMT



Kentucky Supreme Court rules in favor of Frost Brown Todd open records tax case

LOUISVILLE, Ky. - Kentucky taxpayers now have access to the state's Department of Revenue (DOR) tax rulings. The case, Department of Revenue v. Mark F. Sommer, was successfully argued before the ...

Published:  Mon, 22 Apr 2019 11:16:00 GMT



Ricketts vetoes sales tax bill to pay "Beatrice Six' debt

Gov. Pete Ricketts has vetoed a bill that would let a rural Nebraska county impose a half-cent sales tax to pay off a $28.1 million legal debt to six people wrongfully convicted of murder. Ricketts ...

Published:  Wed, 24 Apr 2019 14:35:00 GMT



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