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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's car tax: How fair is it

LOUISVILLE, Ky. - (WHAS11) -- As good old Ben Franklin said, there are two certainties in the world"¦death and taxes. And depending on where you live, there can be more ways to tax. Not all states coll...

Published:  Fri, 22 Feb 2019 14:51:00 GMT



Councilwoman says mayor using "˜scare tactics' to promote Louisville tax hike

LOUISVILLE, KY (WAVE) - Across social media ... He's proposing to increase taxes Louisville residents pay on most types of insurance. This week, Metro Public Works posted videos on Twitter showing how ...

Published:  Thu, 21 Feb 2019 21:18:00 GMT



Kentucky lawmakers seek gas tax hike

LOUISVILLE, Ky. (WDRB) -- A bill that would raise Kentucky's gas tax was filed Wednesday, the last day for new measures in the state House of Representatives. House Bill 517 would add 10 cents per gal...

Published:  Thu, 21 Feb 2019 06:43:00 GMT



GUEST COMMENT: Plug-and-go revenue fixes mask need for local tax reform

the overriding point remains that the current local tax structure is out of balance, antiquated and stuck in the 1960s. A holistic review of all Kentucky local tax programs and provisions is needed. A...

Published:  Thu, 21 Feb 2019 10:59:00 GMT



HB387 a terrible idea for Kentucky

Here's a simple concept most people agree with: Taxpayers ought to be able to know how their tax dollars are being spent and why. You know who doesn't agree with that idea Gov. Matt Bevin and the Ken...

Published:  Fri, 22 Feb 2019 23:19:00 GMT



House approves proposed tax changes and parks funding

FRANKFORT, Ky. - Admission fees charged by nonprofit civic, governmental and all other nonprofit organizations would be exempt from state sales tax under legislation that Thursday cleared the Kentucky ...

Published:  Fri, 22 Feb 2019 06:22:00 GMT



Bill seeks to raise gas tax by 10 cents, charge $175 fee for electric cars

A bill was introduced Wednesday in the Kentucky General Assembly just before the filing deadline for legislation that would raise the state gas tax by 10 cents per gallon, in addition to imposing ...

Published:  Thu, 21 Feb 2019 12:06:00 GMT



Tax experts answer questions on new law, filing your return

Tax preparation is rarely easy, but this filing season comes with a unique set of complications. It's the first year people are filing under the massive overhaul to tax law put in place by Congress in ...

Published:  Thu, 21 Feb 2019 07:18:00 GMT



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