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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 new tax favors for the wealthy won't spur the economy. They will worsen inequality.

In Kentucky, the income inequality that exists between our poorest and wealthiest residents is magnified by the structure of our tax system. Thanks to the new tax law enacted by the 2018 General Assem...

Published:  Fri, 16 Nov 2018 19:29:00 GMT



Nickel tax fails in Lawrence County, Kentucky

LAWRENCE COUNTY, Ky. (WSAZ) --Voters in Lawrence County made a decision Tuesday about a nickel tax issue -- it failed. It was shot down by a vote of 3,244 to 1,796. It would have added an additional f...

Published:  Tue, 06 Nov 2018 21:01:00 GMT



Trump's Tax Cut Was Supposed to Change Corporate Behavior. Here's What Happened.

... bill would increase economic growth enough to offset the decline in tax receipts. "I'm totally convinced this is a revenue-neutral bill," said Senator Mitch McConnell of Kentucky, the Republican l...

Published:  Tue, 13 Nov 2018 18:47:00 GMT



Encore Energy, Inc. Announces Horizontal Oil Well Discovery in Kentucky and 100% Year-end Tax Deduction for 2018

BOWLING GREEN, Ky., Nov. 15, 2018 /PRNewswire-PRWeb/ -- Tier I Horizontal Berea oil wells in the productive oil window of Lawrence County have reportedly averaged in the range of ~100 - 150 BOPD over ...

Published:  Thu, 15 Nov 2018 07:59:00 GMT



The Finance 202: Infrastructure may be back on the table with a gas tax to pay for it

Senate Majority Leader Mitch McConnell (R-Ky.), who discussed the issue with House Democratic ... but they eagerly got behind the GOP tax overhaul that is expected to add $1 trillion to the deficit an...

Published:  Thu, 15 Nov 2018 04:26:00 GMT



MRCOOL Exploring Domestic Manufacturing Expansion in Kentucky Opportunity Zone

HICKORY, Ky., Nov. 16, 2018 /PRNewswire/ -- MRCOOL today announced ... The big advantage Mr. Seabaugh highlights is the Opportunity Zone. Created as part of the Tax Cuts and Jobs Act of 2017, federal ...

Published:  Fri, 16 Nov 2018 09:00:00 GMT



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