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      July 16, 2018

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Tax Relief in Missouri

Missouri MapMissouri residents typically have a lower tax burden when compared with other states in the nation. With respect to individual income tax, for instance, Missouri’s top tax rate of 6% ranks 20th highest among all states that levy an individual income tax. Similarly, the state average of $806 collected per person for state and local income taxes is 22nd lowest nationwide. Property taxes in Missouri are approximately $979 per person, 16th lowest in America.

Even when looking at federal taxes collected, Missouri residents pay considerably less than the national average: $9,277, compared to $11,715.

However, despite its relatively low tax rates, Missouri has experienced a significant decline of 17.5% in the median household income, dropping to an average of $50,311. This mirrors the struggles of every state in the nation, and has led Missourians to consider tax relief as a solution to their mounting financial pressures, which include the burden of tax debt. This tax debt can mount as people find themselves with just enough money in each paycheck to meet the most urgent needs, like buying groceries, going to the doctor, putting gas in the car, or paying the mortgage. There is often very little left over at the end of the month to save up for the April 15th bill due to local, state, and federal governments. For that reason, many Missourians need help managing their tax debt.

Tax relief companies work with clients’ outstanding tax debts and help devise a solution to their serious tax problems. These problems often include the stress of federal and state tax collection agencies’ involvement as well as wage garnishment. Experts in tax relief have a wide range of strategies available to help clients, such as tax levy and lien investigation, negotiating penalty abatement, and reducing their overall tax liability.

 

While Missouri GOP cheers tax cuts, some worry about a benefit to the wealthy

JEFFERSON CITY "˘ Thanks to a package of tax cuts signed Thursday by Republican Gov. Mike Parson, Missourians will see a drop in their income tax rates starting next year. But one group says the state' ...

Published:  Thu, 12 Jul 2018 16:24:00 GMT



Despite Fears of Becoming Kansas, Missouri Cuts Taxes

Missouri Gov. Mike Parson on Thursday signed a bill that he says will provide both immediate and long-term tax cuts for Missourians. The measure, House Bill 2540, passed 101-40 in the House and 24-9 i...

Published:  Mon, 16 Jul 2018 05:29:00 GMT



Missouri Governor Set to Sign Income Tax Cuts

On Thursday, Missouri Governor Mike Parson (R) is set to sign House Bill 2540, which cuts the top rate of the individual income tax from 5.9 to 5.5 percent next year, while continuing with triggered r...

Published:  Wed, 11 Jul 2018 14:13:00 GMT



Gov. Parson signs Missouri tax cut long sought by Republican lawmakers

Gov. Mike Parson on Thursday signed a bill cutting Missouri's individual income taxes, a key legislative goal of the state's Republican lawmakers and one widely criticized by Democrats. The new law wi...

Published:  Thu, 12 Jul 2018 11:20:00 GMT



Governor signs tax reform bill in Springfield, foreshadowing cuts to come

Mike Parson. Flanked by lawmakers, Parson signed the tax reform bill at the Hartman and Co. heavy construction shop in west Springfield. Missouri's top income tax rate will drop from 5.9 percent to 5. ...

Published:  Thu, 12 Jul 2018 15:59:00 GMT



Parson signs MO income tax cut bill

Gov. Mike Parson has signed a Missouri income tax cut into law on Thursday, July 12. The governor signed the bill in Springfield, Mo. along with area lawmakers. "This is the first step in an ongoing p...

Published:  Wed, 11 Jul 2018 11:01:00 GMT



Missouri's sales tax holiday less than month away

Now that the Fourth of July holiday has passed, some parents might be looking ahead to Missouri's sales tax holiday. Missouri's sales tax holiday starts Aug. 3 at 12:01 a.m. and runs through Aug. 5. C...

Published:  Thu, 05 Jul 2018 08:42:00 GMT



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