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      July 16, 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.

 

How A Post-Katrina Tax Program Helped Revitalize More Than 250 Of Mississippi's Most Historic Places

Tom Pfister, Contributor I cover careers, revitalization and preservation in real estate. Opinions expressed by Forbes Contributors are their own. Woolworth's department store closed its doors in 1991 ...

Published:  Thu, 05 Jul 2018 08:09:00 GMT



Tourism Group Faces Stark Future After Restaurant Tax Ends

COLUMBUS, Miss. (AP) - Leaders of a northeast Mississippi tourism group are planning cuts after lawmakers didn't renew a $2-million-a-year local restaurant tax. The Commercial Dispatch reports that th...

Published:  Sun, 15 Jul 2018 11:36:00 GMT



A tax even the no-new-taxes crowd could love

Say a Batesville resident buys a sofa in Memphis. The sofa sales tax is paid to Tennessee, not Mississippi. Similarly, when an Indiana resident stays in a Biloxi motel, Mississippi collects taxes on t...

Published:  Mon, 16 Jul 2018 04:20:00 GMT



M/s Ismail Industry Ltd involved in billions of rupees tax evasion: TIP

ISLAMABAD: A new collusion has been exposed between Federal Board of Revenue (FBR) and M/s Ismail Industry Limited of billions of tax evasion and money laundering. According to details, Transparency I...

Published:  Sun, 15 Jul 2018 23:10:00 GMT



Level playing field: Local store owners discuss opinions of Internet tax ruling

meaning consumers who shop online will be charged their state sales tax, even if the retailer does not have a physical presence in the state. Meg Bartlett, associate commissioner at the Mississippi De...

Published:  Fri, 06 Jul 2018 20:18:00 GMT



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