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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.

 

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



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



For Election Day, A History Of The Poll Tax In America

In an effort to suppress the vote, eleven states in the south, including Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, and Virginia, im...

Published:  Mon, 05 Nov 2018 16:30:00 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



Royal Family caught up in 'tax nightmare' as finances come under scrutiny - all because of Meghan Markle

Strict American rules could mean that Prince Harry's money also comes under threat from the tax man. This is because guidance notes ... Speaking about the duchess obtaining a visa, Kensington Palace s...

Published:  Sun, 18 Nov 2018 06:14:00 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



Marc A. Hebert's Money Sense: Tax tips for the end of the year

This year also included considerable tax law changes. It may make sense for you to talk through your unique situation with a professional. Marc A. Hebert, MS, CFP, is a senior member and president of ...

Published:  Sat, 10 Nov 2018 20:23:00 GMT



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