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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.

 

Harris tax credit would help low, middle-income families at cost of $3T: study

A new tax credit proposed by Sen ... House seat | New 2020 trend - the 'friend-raiser' | Ad war intensifies in Mississippi runoff | Blue wave batters California GOP Human Rights Campaign chief ...

Published:  Fri, 16 Nov 2018 06:28:00 GMT



Sen. Blount: Mississippi's burdensome absentee voting process resembles poll tax

And it is not altogether certain they can accomplish the feat, said state Sen. David Blount, D-Jackson, who held a news conference Friday at the Hinds County Courthouse with Circuit Clerk Zack Wallace ...

Published:  Tue, 13 Nov 2018 06:46:00 GMT



Mississippi Has The Winning Formula

the first $100,000 of taxable capital is exempt from the franchise tax. These initiatives join an extensive portfolio of existing business incentives and advantages, making Mississippi's pro ...

Published:  Wed, 14 Nov 2018 06:39:00 GMT



Vision revealed for Long Beach casino. Mayor says city is "˜stagnant' and needs the tax revenue.

The Mississippi Gaming Commission voted 3-0 to table site approval requested by Long Beach Harbor Resort. Chairman Al Hopkins said the commission has more to consider and investigate before deciding o...

Published:  Thu, 15 Nov 2018 08:29:00 GMT



Small tax rate hike in proposed Canton town budget

"Our costs are going up. We can't continue to have a flat-line tax rate," Ms. Ashley said. "However, we balanced the budget without using the fund balance." In addition, she said, the town has to pay ...

Published:  Mon, 12 Nov 2018 01:15:00 GMT



Is there need for a new Mississippi River bridge This legislator is running an ad about it

Broome intends to use revenue generated by the sales tax, up for voter consideration on Dec. 8 ... Most agree it should be located somewhere south of the existing Mississippi River bridge along Inters...

Published:  Sun, 11 Nov 2018 15:16:00 GMT



A Big Tax Break for Socially Responsible Investing

Does that mean building something new, or rehabilitating an existing business "As a tax lawyer, you want to be really careful on how you advise your client," Ms. Adamo said. A decade from now, though ...

Published:  Fri, 09 Nov 2018 09:18:00 GMT



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