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      May 21, 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

Krist says he'll reach across party lines to solve property tax issue

His mission Wednesday was to visit towns across the state and talk about property tax reform and other issues facing Nebraska. "Property tax is the message of today," said Dan Parsons, Krist's communications director. Krist said property taxes across ...

Published:  Wed, 16 May 2018 21:51:00 GMT

Democratic candidate for governor Bob Krist visits western Nebraska on tour

With increasing land valuations driving down state funding, the difference has to be made up through property taxes. Davis pointed out a Market Watch University of Nebraska report that revealed Nebraska leads the nation in agricultural property taxes at $ ...

Published:  Wed, 16 May 2018 18:57:00 GMT

The 15 Worst States for Property Taxes in 2018

The home of Warren Buffett ranks as the No. 7 worst state in America for property taxes. If Nebraska's effective real estate tax rate was applied to the national median home value ($185,000), the tax bill would total just $3,371. Instead, residents can ...

Published:  Sat, 12 May 2018 09:24:00 GMT

Editorial, 5/19: Expanded E-15 sales a win for Nebraska

Amid concerns about tariffs, low commodity prices, a new farm bill and rising property taxes, Nebraska farmers recently received a bit of good news from the White House. President Donald Trump's announcement that E-15, a gasoline blend with 15 percent ...

Published:  Fri, 18 May 2018 22:16:00 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

The Latest: Nebraska House Dem primary too close to call

Gabel previously volunteered for the Nebraska Green Party and the Legal Cannabis Now Party. Ricketts has already started airing television ads to tout his previous efforts to lower property taxes. 9:40 p.m. A four-term congressman who is a staunch ...

Published:  Wed, 16 May 2018 04:54:00 GMT

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