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      November 18, 2018

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Tax Relief in New Hampshire

New Hampshire MapWhen considering various dimensions of tax collection, New Hampshire’s statistics vary widely. On the one hand, New Hampshire collects a flat rate of 5% on personal income, but restricts that collection to dividend and interest income only. This results in an average state income tax collection of only $63 per person, ranking the state 8th lowest in the nation.

On the other hand, New Hampshire residents pay an average of $2,518 per person in property taxes each year, the third-highest amount in the United States. These high property taxes can leave people wondering how to meet their tax obligation while still paying for more immediate, urgent needs. Keeping the utilities turned on, putting food on the table, and sending in the monthly rent or mortgage check usually takes priority to setting aside money for a once- or twice-a-year property tax payment.

With respect to federal income taxes, New Hampshire sees a state average of $11,338 per person, just $408 less than the national average. This is in contrast to New Hampshire having the highest median household income level in America, with an average of $71,322. However, state residents have felt the economic downturn that has impacted the rest of the country, as that median household income represents a 6.1% decline in recent years.

For those New Hampshire residents for whom tax debt poses a challenge, tax relief is a strategy that is gaining popularity as a means of managing financial struggles. As individuals find themselves facing significant amounts of money owed to federal and state tax authorities, tax relief companies can provide an alternative to that stress and can even help significantly reduce residents’ overall tax burdens. Experts in tax relief can help clients navigate the available options, including establishment of payment plans with the IRS, tax levy investigation, and amending prior years’ tax returns.

 

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