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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 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



New KY sales tax will not impact school fundraisers

LOUISVILLE, KY (WAVE) - Kentucky's new sales tax law took effect on July 1st, but according to the Kentucky Parent Teacher Association, it will not impact student fundraisers. According to the KPTA, t...

Published:  Fri, 06 Jul 2018 14:32:00 GMT



Kentucky Tonight to feature panelist on tax law changes

Regularly scheduled Kentucky Tonight will not air Monday. In its place, at 7 pm, KET will present Kentucky Tax Law Changes: What You Need to Know, a live call-in program addressing changes to Kentucky ...

Published:  Sun, 08 Jul 2018 20:57:00 GMT



Commercial paper program helps Kentucky sewer district adjust to tax law changes

A Louisville, Kentucky, sewer district is launching a $500 million tax-exempt commercial paper program to save money and finance repairs as part of its adjustment to a world without advance refundings ...

Published:  Wed, 11 Jul 2018 08:42:00 GMT



Bill would make nonprofit, charitable fundraisers exempt from KY sales tax

FRANKFORT, Ky. (WKYT) - Kentucky's tax reform package that went into effect July 1 may have some unintended consequences for nonprofit and charitable organizations. As it stands, a six-percent sales t...

Published:  Mon, 16 Jul 2018 20:55:00 GMT



Two Kentucky towns added to the list of questionable unloading ordinances

West Buechel, Ky., isn't the only municipality within the Commonwealth of Kentucky imposing an unloading fee or tax on commercial carriers that may conflict with a state law and the Owner-Operator Ind...

Published:  Wed, 18 Jul 2018 15:17:00 GMT



IRS scraps donor information requirement for some organizations

... IRS' new policy for certain tax-exempt organizations will make our tax system simpler and less susceptible to abuse," he said. Senate Republican leader Mitch McConnell of Kentucky praised the deci...

Published:  Tue, 17 Jul 2018 14:15:00 GMT



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