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      February 22, 2019

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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.

 

A miscalculation in the Missouri tax table is going to cost some taxpayers this tax season

JEFFERSON CITY, Mo. - The Special Committee on Government Oversight heard testimony on Wednesday from Director of Revenue, Joel Walters, on a 15-year-old miscalculation in the state's tax ...

Published:  Thu, 21 Feb 2019 09:53:00 GMT



Savings from Missouri's tax credit shift are not factoring into the budget

JEFFERSON CITY "˘ Although a Senate proposal to cap spending on low-income housing tax credits could save the state as much as $600 million over the next decade, a key budget writer says he is not coun...

Published:  Mon, 18 Feb 2019 04:42:00 GMT



Parson Says Lawmakers Are 'Grandstanding' on Tax Mistake

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Mike Parson says state lawmakers are "grandstanding" by holding numerous hearings to discuss a tax refund problem caused by a mistake on state tax withholding ...

Published:  Thu, 21 Feb 2019 08:54:00 GMT



Missouri residents may see smaller tax refunds this season

ST. LOUIS (KMOV.com) -- Several News 4 viewers have reached out with complaints that their tax refunds from the State of Missouri are taking longer to reach them. Others are asking why the amount of t...

Published:  Wed, 20 Feb 2019 15:25:00 GMT



13 States That Tax Social Security Benefits

Property Taxes: The median property tax on Missouri's median home value of $141,200 is $1,408. Inheritance and Estate Taxes: There is no inheritance tax or estate tax. For details on tax breaks ...

Published:  Thu, 21 Feb 2019 08:34:00 GMT



Business Coalition Cites 4 Reasons to Repeal Death Tax

John Thune, R- S.D., and Rep. Jason Smith, R-Mo. "The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms," the pro-business groups add. The Fami...

Published:  Thu, 21 Feb 2019 11:10:00 GMT



MO House committee to continue to look into tax error

The mistake lead to many Missouri workers not withholding enough on personal income taxes in 2018. It left taxpayers on the short end of the stick. Deaton says the committee has questioned department ...

Published:  Wed, 20 Feb 2019 17:09:00 GMT



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