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      May 20, 2018

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Tax Relief in Mississippi

Mississippi MapMississippi residents tend to pay lower taxes than most states in the nation. For example, the state’s top personal income tax rate of 5% is 18th lowest among all states that collect individual income taxes. Mississippi collects a yearly average of $470 per person in state and local income taxes combined, which ranks 11th lowest nationwide.

Property taxes in Mississippi average $856 per person, 10th lowest in the United States. And, Mississippi residents pay the lowest average amount of federal income taxes at $7,402, more than $4,000 less than the national average.

However, with the fourth lowest median household income in the nation ($40,850) and a 12% decline in that median income in recent years, many individuals in Mississippi are struggling to meet their financial obligations, including tax debt.

Despite having a lower tax obligation, Mississippi residents are not immune to owing money to local, state and federal tax entities. Planning ahead and saving for April 15th every year is difficult for many of those that live paycheck-to-paycheck. Making car payments, purchasing groceries and taking care of medical needs often trump putting money into a savings account for Uncle Sam. Also, changes in financial circumstances - retirement, disability, and so forth - can push individuals into higher tax brackets and create a nasty surprise when it comes time to file tax returns.

Tax relief has become a focus for many residents of Mississippi as an approach to managing overwhelming financial struggles. These struggles can leave people facing seizure of assets or garnishment of wages in order to pay off taxes owed to federal and local tax authorities. Tax relief companies’ work with clients to create effective solutions to tax problems and can even significantly reduce their tax debt. A range of strategies can be employed by experts in tax relief, such as setting up IRS payment plans, audit representation and reconsideration, and negotiating penalty abatement.


Time to look ahead at 2019 tax year

It's never too early to plan ahead on how you can have a better tax season by 2019's deadline, so we spoke to accountants and financial planners in Mississippi. "I think the biggest "˜mistake' people make is not having a tax adviser they trust ...

Published:  Thu, 17 May 2018 06:34:00 GMT

Counties Get Revenue Boost From Sale of Tax-Forfeited Land

GREENVILLE, Miss. (AP) - Mississippi counties are continuing to receive money from the sale of property that was given up after former owners failed to pay taxes. Secretary of State Delbert Hosemann's office handles the sale of the tax-forfeited property.

Published:  Sat, 19 May 2018 08:01:00 GMT

Here's how we fund Mississippi road repairs without tax increases

State legislators have been sidestepping infrastructure funding issues like most Mississippians dodge the state's ubiquitous potholes. Indeed, remedying the state's decaying transportation system was one of the 2018 legislative session's primary ...

Published:  Fri, 11 May 2018 10:10:00 GMT

Two misconceptions on the state and local deduction

A Rockefeller Institute of Government report showed that in 2015, taxpayers in low-tax, deep-red Mississippi received $2.13 in federal spending for every $1 in federal taxes paid. In West Virginia, it was $2.07, and in Senate Majority Leader Mitch ...

Published:  Thu, 17 May 2018 21:00:00 GMT

Mississippi man sentenced for federal tax evasion

HATTIESBURG, Miss. (AP) - A Mississippi man had been sentenced for federal tax evasion. The Hattiesburg American reports 44-year-old Michael J. Super was sentenced to serve two years in federal prison and a three-year term of supervised release Thursday.

Published:  Tue, 15 May 2018 21:55:00 GMT

Ms Curvaceous fights back at plus-size 'fat tax'

Corrine Mensah was recently crowned Ms Curvaceous UK 2018. She thinks it's unfair that brands charge more for plus-size clothing, but is there logic behind it Video journalist: Hannah Gelbart

Published:  Thu, 17 May 2018 11:37:00 GMT

Jury out on whether tax cuts have resulted in more investing

"We can expect those folks migrate to low tax states like Texas, Florida and Tennessee." Mississippi also has less onerous tax rates than some of the northern states, and this perhaps could encourage people to move to Mississippi if they are looking ...

Published:  Thu, 17 May 2018 06:50:00 GMT

Former Hattiesburg business owner pleads guilty to tax evasion

U.S. District Judge Keith Starrett sentenced Michael Super, 44, for federal tax evasion last week ... Super failed to pay trust fund taxes on behalf of... Mississippi Republican Party Chairman Lucien Smith spoke before a crowd at the monthly meeting ...

Published:  Tue, 15 May 2018 18:02:00 GMT

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