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      May 26, 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.

 

Time to look ahead at 2019 tax year

It's never too early to plan ahead on how you can have a better tax season by 2019's deadline, so we spoke to accountants and financial planners in Mississippi. "I think the biggest "˜mistake' people make is not having a tax adviser they trust ...

Published:  Thu, 17 May 2018 06:34:00 GMT



Counties Get Revenue Boost From Sale of Tax-Forfeited Land

GREENVILLE, Miss. (AP) - Mississippi counties are continuing to receive money from the sale of property that was given up after former owners failed to pay taxes. Secretary of State Delbert Hosemann's office handles the sale of the tax-forfeited property.

Published:  Sat, 19 May 2018 08:01:00 GMT



Ms Curvaceous fights back at plus-size 'fat tax'

Corrine Mensah was recently crowned Ms Curvaceous UK 2018. She thinks it's unfair that brands charge more for plus-size clothing, but is there logic behind it Video journalist: Hannah Gelbart

Published:  Thu, 17 May 2018 11:37:00 GMT



Pre-tax profits plummet at M&S

The General Data Protection Regulation (GDPR) comes into force this Friday (25 May). Menswear designer Simon Carter, founder of the eponymous brand, recaps what retailers need to know about the wide-ranging legislation and explains why GDPR could be as ...

Published:  Tue, 22 May 2018 22:47:00 GMT



Jury out on whether tax cuts have resulted in more investing

"We can expect those folks migrate to low tax states like Texas, Florida and Tennessee." Mississippi also has less onerous tax rates than some of the northern states, and this perhaps could encourage people to move to Mississippi if they are looking ...

Published:  Thu, 17 May 2018 06:50:00 GMT



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