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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.

 

New developer takes over mall site that has state tax aid

That center includes the Mississippi Gulf Coast's only Target store. The state has granted a sales tax rebate worth $96 million to the project under a since-repealed tax provision. Developers ...

Published:  Mon, 17 Sep 2018 06:20:00 GMT



In Tax-Free States, Businesses Squirm At Collecting Online Sales Taxes For Others

Dennis Daugaard signed the measure earlier this month. But in five states - Hawaii, Maine, Mississippi, Oklahoma, and Vermont - collections have already begun, according to the Sales Tax Institute, a ...

Published:  Mon, 17 Sep 2018 08:08:00 GMT



Pascagoula adopts 2019 budget, includes tax increase

PASCAGOULA, MS (WLOX) - City leaders in Pascagoula officially voted in ... "You add the school district tax to this, it's going to put almost all our taxes over 30 percent higher... I can't support it ...

Published:  Fri, 14 Sep 2018 03:44:00 GMT



Baker Donelson Boosts Tax Practice With Ex-Copeland Attys

Baker Donelson Bearman Caldwell & Berkowitz PC said it had expanded its Jackson, Mississippi, tax practice with the addition of five ex-Copeland Cook Taylor & Bush PA attorneys, including two partners ...

Published:  Mon, 10 Sep 2018 15:22:00 GMT



Cities to ask Mississippi lawmakers to approve tourism taxes

The Northeast Mississippi Daily Journal reported on Sunday that Baldwyn hopes to have its former tax levy restored while Saltillo seeks a new 2 percent tax on hotels and restaurant sales. Baldwyn Mayo...

Published:  Mon, 10 Sep 2018 07:18:00 GMT



County raises property tax rate by 2 mills

During their regular board meeting, Lowndes supervisors approved the county's 2018-19 budget, which including a 2-mill tax increase. The new fiscal year starts Oct. 1. The county had expected much bet...

Published:  Sat, 15 Sep 2018 08:03:00 GMT



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