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      September 21, 2018

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Tax Relief in Louisiana

Louisiana MapWhen looking at how Louisiana ranks with respect to individual tax, the state tends to fare well. Louisiana’s personal income tax ranks 21st highest among the fifty states, with a top rate of 6%. The total average of state and local income taxes collected per capita, $527, puts the state in 12th lowest place nationwide. Additionally, with an average of $776 collected in property taxes per resident, Louisiana is 8th lowest among all fifty states.

Even when looking at federal income tax, Louisiana is below the national average. Residents typically pay approximately $9,701 yearly in federal income taxes, $2,000 less than the national average.

However, with the lowest median household income in the nation and one of the highest rates of decline in that household income - $39,622 and 19.75%, respectively - Louisiana faces significant challenges with respect to personal tax debt and delinquency. Any unexpected reduction in income - job loss, medical expenses, and so on - can result in residents finding themselves behind in meeting tax obligations. Understandably, if faced with choosing between feeding their families (or paying the mortgage/rent, or putting gas in the car to get to work) and putting money into savings to pay Uncle Sam, most people will choose to meet the immediate needs and hope for the best later. Of course, this more often than not results in delinquent tax bills. However, more individuals in Louisiana are availing themselves of one power strategy for addressing those challenges: tax relief.

Tax relief companies work with their clients to analyze their individual financial circumstances, and in many instances can help them to significantly reduce their tax debt. An expert tax relief company has access to a wide variety of tools that can be used in their clients’ benefit: installment agreements, investigation of tax levies and liens, and audit representation and reconsideration, to name a few.

 

Edwards: Louisiana surplus driven by income tax collections

BATON ROUGE, La. (AP) - Gov. John Bel Edwards hailed news that Louisiana has an estimated $300 million surplus from the last budget year, saying Thursday the money stems from better-than-expected inco...

Published:  Thu, 20 Sep 2018 11:01:00 GMT



Dueling sides of gas tax repeal dispute the levy's impact on California's low-income residents

Supporters of Proposition 6, the gas tax repeal measure, released an analysis that estimates ... officials were sued for refusing to count Sonoma County resident Peter La Follette's ballot because his ...

Published:  Wed, 19 Sep 2018 21:40:00 GMT



Edwards insists $300M state budget surplus has no bearing on sales tax hike

Louisiana Gov. John Bel Edwards pushed back forcefully Thursday against accusations that his administration had in some way concealed a budget surplus as a way to fool the Legislature into retaining p...

Published:  Thu, 20 Sep 2018 10:55:00 GMT



LSU economist hired by School Board calls giving ExxonMobil tax break a 'good investment'

The 10-year tax abatement would start in 2021 and end in 2031. Exxon's exemption request to expand its polyolefins complex on Scenic Highway in north Baton Rouge was approved on Aug. 29 by the Louisia...

Published:  Thu, 20 Sep 2018 16:25:00 GMT



D.C. historic tax credit consulting firm acquires New Orleans company

MHA has had a longstanding interest in the New Orleans market, which often uses historic tax credits to renovate and redevelop structures. The news release says that in 2017, Louisiana led the nation ...

Published:  Thu, 20 Sep 2018 09:21:00 GMT



The Trump Tax Cuts Did One Thing: Give Rich People More Money

(It didn't.) It is also why they predicted tax cuts passed by George W. Bush, and Republican governments in states like Kansas, Oklahoma, and Louisiana would yield far more revenue than predicted.

Published:  Thu, 20 Sep 2018 07:16:00 GMT



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