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      May 20, 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.

 

Session ends with Missouri lawmakers OKing gas tax vote - and begins over possible impeachment

JEFFERSON CITY "˘ With a special session on the possible impeachment of Gov. Eric Greitens looming, Missouri lawmakers wrapped up their regular business Friday with a focus on cutting taxes and bolstering business interests. Concluding a four-month ...

Published:  Sat, 19 May 2018 11:10:00 GMT



Missouri lawmakers pass income tax cut

JEFFERSON CITY -Missourians will soon be able to keep a little more money from their paychecks, after a state House committee voted to cut taxes Thursday night in a 101-40 vote. Missouri's individual income tax rate is set to drop from 5.9 percent to 5.5 ...

Published:  Fri, 18 May 2018 18:37:00 GMT



Missouri Legislature votes to cut personal taxes

The Missouri House and Senate voted Thursday night to pass a bill that would cut individual income taxes. The bill now goes to Gov. Eric Greitens, who is expected to sign it into law. Under the bill, Missouri's top individual income tax rate would ...

Published:  Fri, 18 May 2018 05:26:00 GMT



Missouri lawmakers pass big tax code changes on last day

JEFFERSON CITY, Mo. (AP) - Missouri's Republican-led Legislature approved tax cuts for both individuals and corporations and sent a gas-tax hike to voters, just hours before the end of the regular session and beginning of a special one to consider ...

Published:  Fri, 18 May 2018 18:40:00 GMT



The Latest: Missouri lawmakers OK historic tax credit cut

Missouri lawmakers have passed a bill to cut available tax credits for renovating historic buildings. House members voted 113-29 Friday to reduce the current $140 million annual cap to a maximum of $90 million. It would allow the Department of Economic ...

Published:  Fri, 18 May 2018 15:07:00 GMT



Missouri lawmakers approve income tax cut, poised to slash business taxes

JEFFERSON CITY "˘ State lawmakers delivered a late-night tax cut to Missourians Thursday, approving an election year rate reduction for individuals. Despite repeated concerns voiced by legislative leaders about the potential loss of revenue that could ...

Published:  Fri, 18 May 2018 15:06:00 GMT



MO Legislature passes income tax cut

MISSOURI (Missourinet) - Several proposals were introduced earlier in the legislative session that offered differing versions to massively overhaul the Missouri tax system. The various plans came on the heels of a federal tax package passed by Congress in ...

Published:  Fri, 18 May 2018 08:25:00 GMT



Missouri lawmakers want voters to decide on 10-cent increase in gas tax

Voters may get the opportunity in November to decide whether to increase the state gas tax by 10 cents a gallon to help pay for road and bridge repairs and to fund the Missouri Highway Patrol. Lawmakers passed a bill Friday that would let voters decide ...

Published:  Fri, 18 May 2018 11:21:00 GMT



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