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      May 20, 2018

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Tax Relief in Nebraska

Nebraska MapIn Nebraska, a number of taxes affect residents overall tax burden. The state levies a personal income tax with a top rate of 6.84%, 15th highest among those state that collect an individual income tax. This tax, in combination with other local taxes, results in an average of $938 per person annually, 21st highest nationwide.

With respect to property tax, Nebraskans pay an average of $1,566 per person, which ranks the state 14th highest in the United States. However, the state is 18th lowest when looking at individual federal income taxes; its average of $9,200 is lower than the national average by more than $2,000.

While Nebraskans have a median household income of $53,774, slightly higher than the national average of $51,939, the state has not been immune to the financial challenges that have affected the United States in recent years. Nebraska has experienced a decline of more than 6.5% in the average household income, and this decline has caused residents of the state to seek out tax relief as one approach to increasing financial struggles.

Tax debts can mount as individuals use their limited financial resources to meet their most pressing needs: sending in the mortgage payment, paying the electric bill, putting food on the table, or taking a sick family member to the doctor. When people have little-to-no money left at the end of the month, they rarely think to set aside any savings for the April 15th tax bill and wind up with significant amounts of tax debt.

Tax debt is an area where Nebraskans face difficulties, with the stress of owing state and federal tax authorities and the possibility of garnished wages and seized assets. Tax relief companies work with clients to find solutions to serious tax problems, and in some cases can even reduce clients? overall tax debt. Experts in tax relief make use of a number of strategies to help clients; some of those tools are traditional or streamlined installment agreements with the IRS, penalty abatement, and audit reconsideration.


Nebraska's state tax collections in April were better than expected

LINCOLN - The State of Nebraska got some welcome news in a new report that showed state tax collections for April were above what had been expected. The State Revenue Department released a report Tuesday that shows net general fund receipts were up $11 ...

Published:  Tue, 15 May 2018 16:56:00 GMT

DECISION 2018: Voters approve half-cent sales tax increase in Dakota City, NE, select county commissioner candidates

Dakota County Commissioners Bill Rohde and Scott Love chose not to seek re-election for another term, so 13 candidates and a write-in were vying for the two open seats. The top two Republican and Democratic vote-getters are advancing to the general ...

Published:  Tue, 15 May 2018 17:29:00 GMT

First National Bank kicks off Nest 529 College Savings Plan

NEST 529 is a tax-advantaged 529 college savings plan and provides four ... TD Ameritrade 529 College Savings Plan and State Farm College Savings Plan. The Nebraska state treasurer serves as program trustee. First National Bank of Omaha serves as program ...

Published:  Sun, 20 May 2018 02:37:00 GMT


After winning the Democratic Primary for Governor of Nebraska on Tuesday, candidate Bob Krist and his running mate, Lynne Walz took to the air on a fly around tour of the state to talk about Property Tax Reform. Krist, a former state senator from Omaha ...

Published:  Wed, 16 May 2018 15:51:00 GMT

Initiative to expand Prop 13 homeowner tax benefits eligible for November ballot

SACRAMENTO >> Just as a ballot initiative that would dramatically expand Proposition 13 tax benefits for longtime homeowners was deemed eligible for the November ballot on Thursday, its proponents said they were negotiating with the Legislature on a ...

Published:  Thu, 17 May 2018 19:31:00 GMT

First National of Nebraska, citing tax changes, says net income fell 37.6 percent in 2017

First National of Nebraska saw its net income drop by 37.6 percent in 2017, citing the change in federal income tax laws and an increase in loan losses for reducing its annual net income for the first time since 2011. The Omaha company, parent of First ...

Published:  Sun, 13 May 2018 22:11:00 GMT

Tensions mount as Seattle debates business tax for homeless

The City Council is proposing a tax on employee hours to raise about $75 million a year for affordable housing and homelessness services. Nearly 600 large employers making at least $20 million in gross revenues would pay about $500 a year per worker.

Published:  Tue, 08 May 2018 17:05:00 GMT

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