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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.

 

Herald-Leader editorial wrong about new Kentucky taxes

On April 10, the Herald-Leader editorial board criticized the tax plan passed by Kentucky's legislature, claiming it sets the state up for future budget crises and shifts the tax burden to low-income taxpayers. There are a few problems with these arguments.

Published:  Fri, 25 May 2018 17:43:00 GMT



Coin-Op Laundry Business Owners Dodged Sales Tax in Kentucky

At first, he tried to argue that you could retrofit the machines to charge more to cover the tax. However, I explained that it would be very costly to retrofit the machines, if that could even be done. And he finally agreed to make our case to the group ...

Published:  Wed, 23 May 2018 00:42:00 GMT



State and Local Taxes in Kentucky

Have there been any notable recent developments concerning state and local taxation in your state, including any regulatory changes or case law The 2018 Kentucky General Assembly enacted fairly comprehensive tax changes in House Bill (HB) 487. Significant ...

Published:  Fri, 25 May 2018 17:39:00 GMT



Kentucky Governor Appeals Higher Tax Value on Mansion, Land

ANCHORAGE, Ky. (AP) - Kentucky Gov. Matt Bevin is appealing the valuation of his mansion and the 10 acres (4 hectares) where it sits, in the latest chapter of the yearlong debate over whether he and his wife got a sweetheart deal to purchase the home.

Published:  Wed, 23 May 2018 05:46:00 GMT



Tax Reform Win: Novelis Breaks Ground On New $300 Million Manufacturing Facility In Kentucky

Since 2008 manufacturing in the United States has added more than a million new jobs, and today that momentum continued with a major announcement by Novelis, Inc.-spurred on, in part, by the recently enacted tax reform legislation. The global leader in ...

Published:  Mon, 14 May 2018 11:48:00 GMT



Kentucky's Deadline Task: Implement an Expanded Sales Tax

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Published:  Sun, 13 May 2018 12:39:00 GMT



Tourists generate $319 million in Northern Kentucky tax revenue

COVINGTON, Ky. (WKRC) - Visitors to Northern Kentucky spent more than $3 billion last year and generated $319 million in tax revenue. Those figures were released by the Northern Kentucky Convention and Visitors Bureau. It says low airfares offered by CVG ...

Published:  Mon, 14 May 2018 13:28:00 GMT



New Ky. tax law aids affluent

Throughout 2017, Gov. Matt Bevin spoke of calling a special legislative session to consider tax reform. It did not happen. The legislature met in January knowing that finding sufficient revenues would be a challenge. The legislature enacted tax ...

Published:  Tue, 22 May 2018 01:26:00 GMT



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