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      September 24, 2018

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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 Changes for Non-Profits in Kentucky

Earlier this year, the Kentucky Legislature passed two tax bills that broadly change Kentucky's corporate and personal income tax system, as well as make a number of sales and use tax and property tax ...

Published:  Thu, 20 Sep 2018 06:13:00 GMT

Americans for Prosperity already gearing up against gas tax hike

"Proposing a new gas tax hike will hit drivers right where it hurts the most: their pocketbooks," stated AFP-KY director Andrew McNeil. "It's time for legislators in Frankfort address necessary reform...

Published:  Fri, 21 Sep 2018 06:20:00 GMT

Kentucky gas tax called inadequate for infrastructure

BENTON -- Kentucky Transportation Cabinet Secretary Greg Thomas and State Sen. Danny Carroll spoke Monday about the possibility of increasing the state gas tax to provide more funding for infrastructu...

Published:  Mon, 17 Sep 2018 23:11:00 GMT

Kentucky Democratic lawmaker sorry for using tax money to ask for votes

FRANKFORT, Ky. (AP) - A Democratic lawmaker in Kentucky who is running for re-election has apologized for using taxpayer money to campaign for votes. State Rep. Wilson Stone used public money to mail ...

Published:  Wed, 19 Sep 2018 14:38:00 GMT

Owensboro commissioners to re-vote on property tax

OWENSBORO, KY (WFIE) - Tuesday night's vote to increase property taxes in Owensboro failed on a technicality, but the city commission already has plans in the works to get it passed. Commissioner Pame...

Published:  Wed, 19 Sep 2018 10:41:00 GMT

Bill would require living wage for Kentucky jobs created with tax incentives

A Kentucky representative has pre-filed a bill that would require jobs created with tax incentives to pay a living wage. The bill was pre-filed by Rep. Jeff Donohue, a Democrat who represents the 37th ...

Published:  Mon, 17 Sep 2018 04:03:00 GMT

Morton Marcus: Business tax climate meets reality

... ninth in the nation by the Tax Foundation in their 2018 State Business Tax Climate Index. No neighboring state had a higher ranking. Michigan was 12th, Illinois 27th, Kentucky 33rd, Wisconsin 38th ...

Published:  Sat, 22 Sep 2018 22:01:00 GMT

Walmart just paid its Kentucky employees millions in bonuses. Here's why.

Walmart workers across Kentucky had a little something extra in their Sept. 6 paychecks: $4.45 million in bonuses. In January, associates, as hourly workers are called, received $200 to $1,000 in one- ...

Published:  Tue, 11 Sep 2018 11:07:00 GMT

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