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      November 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.


Let's Keep Growing Nebraska

By developing our people, running government like a business, cutting taxes, and promoting our state, Nebraska will continue to grow. We have been developing our people to take the great jobs ...

Published:  Sun, 18 Nov 2018 13:14:00 GMT

Nebraska tax collections dip below expectations in October

LINCOLN, Neb. (AP) -- Nebraska state government tax collections fell short of expectations in October. The Department of Revenue reported Thursday that the state received $247 million in net revenue l...

Published:  Thu, 15 Nov 2018 09:30:00 GMT

Ricketts Considering Tax Plan to Help Struggling Farmers

Ricketts said he was also interested in the work done by a group of senators who were looking for ways to change Nebraska's aid formula for K-12 public schools, a major driver of property taxes. "Ther...

Published:  Sun, 11 Nov 2018 07:11:00 GMT

Kelly targets 'unAmerican' inheritance tax

If the state would stop imposing functions on counties, he said, the need for inheritance taxes would be lessened. Nebraska's inheritance tax generates between $1 million and $2 million a year for Sar...

Published:  Wed, 14 Nov 2018 23:50:00 GMT

2019 Nebraska Crop Income Projections

The Return to Operator and Land calculation is after property taxes are paid. This calculation then is the ... The input survey conducted while preparing the 2019 Nebraska Extension crop production bu...

Published:  Mon, 19 Nov 2018 03:44:00 GMT

How Does Your State Structure Its Individual Income Tax Brackets

(d) Arkansas, Connecticut, Nebraska, and New York have "benefit recapture," by which many high-income taxpayers pay their top tax rate on all income, not just on amounts above the bracket threshold.

Published:  Wed, 14 Nov 2018 14:02:00 GMT

'Legal ripoff' Nebraska makes it easier for investors to take farms, homes for unpaid taxes

LINCOLN - The 73-year-old disabled veteran still struggles to understand how he arrived on the verge of homelessness over $500. It's not like he didn't have the money. That's what haunts L ...

Published:  Sun, 18 Nov 2018 15:05:00 GMT

4 Tax Surprises You Might Face in Retirement

Even if you manage to avoid federal taxes on your Social Security income, your benefits might get taxed at the state level if you live in one of the following 13 states: Colorado, Connecticut, Kansas, ...

Published:  Sun, 18 Nov 2018 03:38:00 GMT

Nebraska State Bar Foundation

has served on the University of Nebraska Law Review and is a Women's Law Caucus' past treasurer. She became a Bar Foundation Fellow in 2006. Kresha is a partner with Baird Holm. She primarily represen...

Published:  Sun, 18 Nov 2018 03:20:00 GMT

New estimates result in smaller Nebraska budget shortfall

Nebraska's state revenue shortfall isn't quite as severe as previously thought, but lawmakers will still face a tight budget that could make it difficult to approve any new spending or tax cuts. Estim...

Published:  Thu, 15 Nov 2018 12:10:00 GMT

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