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      September 19, 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.

 

Sales tax exemptions eyed to fund Nebraska property tax relief

Nebraska's long list of state sales tax exemptions was identified Thursday as the best potential revenue source to help fund substantial local property tax relief during a legislative forum ...

Published:  Thu, 13 Sep 2018 13:30:00 GMT



ERDMAN: Nebraska needs property tax relief

Nebraskans desperately need property tax relief. Over the past ten years property valuations on agricultural land have increased 252 percent statewide and taxes have increased 162 percent. Meanwhile, ...

Published:  Sat, 15 Sep 2018 23:00:00 GMT



Public Pulse: Blackstone tax a bad idea; Ricketts not helping state grow; Dundee missed out with Sunks plan

How can you grow Nebraska when, after four years of property tax reform attempts, Ricketts won't reach across the aisle to collaborate on a solution Ricketts is distinct but without integrity and hon...

Published:  Mon, 17 Sep 2018 23:00:00 GMT



Nebraska senators struggle to fund schools and cut taxes

Three months after a coalition of Nebraska lawmakers started looking for ways to pay for K-12 public schools while lowering property taxes, senators still haven't united behind a proposal and a tight ...

Published:  Sun, 16 Sep 2018 05:57:00 GMT



ACA Round-Up: New House Legislation, Litigation Over The Health Insurance Tax, And Guidance On AHPs

These six states are Texas, Indiana, Kansas, Louisiana, Nebraska, and Wisconsin. Following the May ruling, the states asked Judge O'Connor to reconsider their claim for a refund of the health insuranc...

Published:  Tue, 18 Sep 2018 09:48:00 GMT



State needs to go beyond tax relief

According to the report: n Nebraska spends $11.8 billion a year, or $6,180 per person. State efforts to reduce local property taxes include the TEEOSA state education aid formula, homestead exemptions ...

Published:  Mon, 17 Sep 2018 10:15:00 GMT



Start tax planning now to hold on to more dollars

Managing tax liability If planning indicates an upcoming tax liability ... Last year, I was meeting with a ranch family in central Nebraska. Marvin is the second generation, and he is about 60 years o...

Published:  Mon, 17 Sep 2018 06:16:00 GMT



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