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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.

 

GUEST COMMENT: Kentucky banks hindered by unfair tax structure

We are all bank customers. We make our banks the economic heartbeat of the communities they serve. It is every bank's responsibility to know their customers, meet their customers' needs, participate i...

Published:  Thu, 14 Feb 2019 12:16:00 GMT



What does raising the insurance tax mean for Louisville residents

LOUISVILLE, KY (WAVE) - A plan that would triple the taxes Louisville residents pay on most types of insurance went before Metro Council for the first time Thursday night. This plan is meant to fill i...

Published:  Fri, 15 Feb 2019 16:40:00 GMT



'Lock your doors, load your guns,' Kentucky sheriff warns after suspending law enforcement

... Lexington Herald-Leader reported that part of the funding issue is due to a major decline in coal severance taxes in eastern Kentucky. The newspaper said that money from an economic assistance fun...

Published:  Thu, 14 Feb 2019 19:45:00 GMT



Scholarship tax credits to return to Kentucky lawmakers

When Denise and Daniel Henderson's oldest foster daughter wanted to attend a private school for middle school, they vowed to make it happen. First, they cleared tight regulations on children in ...

Published:  Wed, 06 Feb 2019 02:45:00 GMT



"˜Opportunity Zones' Offer Tax Breaks and, Maybe, Help for Communities

said the notion of tax-favored development zones has been tried before, often with lackluster results. "Money flows into the safe bets," he said. He cited Louisville, Ky., where some areas that are al...

Published:  Fri, 15 Feb 2019 12:07:00 GMT



NONPROFITS AND KENTUCKY TAXES

As taxes pose challenges to businesses, taxes also pose challenges to nonprofits. Belief in the myth that a nonprofit is wholly tax-exempt can land a nonprofit in hot water, particularly given Kentuck...

Published:  Fri, 15 Feb 2019 16:06:00 GMT



Mayor Fischer pushes for tax hikes during visit with firefighter recruits

LOUISVILLE, Ky. (WDRB) -- Louisville's mayor publicly advocated for his proposed tax hikes during a visit with Louisville Fire Department recruits on Friday. Earlier this week, Louisville Mayor Greg F...

Published:  Fri, 15 Feb 2019 12:13:00 GMT



What they said: Accountants talk taxes and staffing

Scott Olinger, vice president in charge of Louisville Region, Harding Shymanski & Co. "One of the biggest surprises of 2018 has been the increase in our clients' potential Kentucky income and sales ta...

Published:  Fri, 15 Feb 2019 04:34:00 GMT



10-K: KENTUCKY UTILITIES CO

However, if the proposed regulations were issued as final in their current form, the Registrants could have a limitation on a portion of their interest expense deduction for tax purposes and such limi...

Published:  Thu, 14 Feb 2019 09:40:00 GMT



Severance taxes returned to Ky. counties

FRANKFORT, Ky. - The Kentucky Department for Local Government will return more than $1.3 million to Eastern Kentucky counties in coal severance taxes, according to a release from the office of Gov. Ma...

Published:  Mon, 11 Feb 2019 21:01:00 GMT



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