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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.

 

Longtime Mississippi attorney gets 6 months for tax crime

A longtime Mississippi attorney has been sentenced to six months in prison after pleading guilty earlier this year to filing a false corporate tax return in 2012. The Hattiesburg American reports John ...

Published:  Tue, 17 Jul 2018 19:46:00 GMT



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



Morgan Stanley Profit Surges 38% on Trading Revenue, Tax Cuts

Morgan Stanley (MS) said second-quarter profit rose 38% from a year earlier as the Wall Street firm posted the fastest growth in trading revenue among the largest U.S. banks, while President Donald Tr...

Published:  Wed, 18 Jul 2018 04:30:00 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



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



Director M/s Kamran Lubricants Pvt Ltd moves acquittal petition in tax evasion case

KARACHI: M/s Kamran Lubricants Pvt Ltd Director Mian Abdul Rasheed, who is booked in a case of mega tax evasion, moved petition before customs court under section 265-K Cr. PC read with section 185-B ...

Published:  Mon, 16 Jul 2018 20:03:00 GMT



Tax ruling could lead to more money for Mississippi roads

A U.S. Supreme Court ruling saying states can force online shoppers to pay sales taxes could prompt a special legislative session in Mississippi to earmark new money for roads and bridges JACKSON, Mis...

Published:  Thu, 21 Jun 2018 23:51:00 GMT



Tax ruling could lead to more money for Mississippi roads

JACKSON, Miss. - Thursday's U.S. Supreme Court ruling saying states can force online shoppers to pay sales taxes could produce a special legislative session in Mississippi to earmark new money for roa...

Published:  Thu, 21 Jun 2018 21:57:00 GMT



Amite County Schools Seek Local Property Tax Increase

(AP) - A county in southwestern Mississippi could increase property taxes to cover the school district budget. The Enterprise-Journal reports that Amite County schools will request about $3.2 million ...

Published:  Sun, 08 Jul 2018 08:03:00 GMT



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