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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.

 

Kentucky board approves tax increase to make schools safer

LEXINGTON, Ky. (AP) - A Kentucky school board has approved a property tax increase to fund a $13.5 million initiative to help prevent school shootings. The Fayette County Public Schools board voted 4- ...

Published:  Fri, 20 Jul 2018 05:41:00 GMT



10 Kentucky counties with the highest property taxes earmarked for schools

LEXINGTON, Ky. (WKYT) - Fayette County was already in the top 10 counties for property taxes earmarked for schools before the school board voted to increase them for security purposes. The cost is goi...

Published:  Thu, 19 Jul 2018 16:10:00 GMT



Is Kentucky's Tax Reform Dead On Arrival

Law360 (July 19, 2018, 3:55 PM EDT) -- House Bill 487[1] in its final form was introduced as a committee substitute, debated and voted out of the Kentucky House of Representatives[2] and the Kentucky ...

Published:  Thu, 19 Jul 2018 12:55:00 GMT



Kentucky parents can soon start tax-exempt K-12 education fund

Come July 14, parents, family, friends and others can set up and contribute to a tax-exempt Kentucky Education Savings Plan Trust offered by the state. The education fund will, for the first-time in K...

Published:  Mon, 09 Jul 2018 15:29:00 GMT



SHELL: Tax changes will boost our economy, create jobs

... step toward moving the state income tax closer to zero is now taking effect. The goal of this reform is to grow the economy and create more opportunity for all Kentuckians by modernizing and simpl...

Published:  Thu, 12 Jul 2018 09:47:00 GMT



Kentucky's new oral health plan calls for expanded roles for hygienists, expanded dental workforce

And to pay for part of the plan, it calls for a tax on soft drinks that cause tooth decay. The challenge is that all of these suggestions require action by the Kentucky General Assembly. The Strategic ...

Published:  Sun, 15 Jul 2018 22:03:00 GMT



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