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      December 11, 2018

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Tax Relief in South Dakota

South Dakota MapThe residents of South Dakota are in a better position when it comes to personal taxes, as compared to the rest of the country. South Dakota does not levy an individual State tax and it is one of the only seven states to do so. Personal and property taxes, together, are the local taxes which fund governmental units, including schools systems and the municipalities of South Dakota. Both types of taxes are not collected or used by South Dakota’s revenue department, however, the department does assess the property of large companies.

Falling prey to a decrease in the median household income, along with the rest of the country, the figures reached a value of $48,947 in 2013 (latest figures available). This drop was from $49,064 the year before that. Looking at these figures, it is understandable that some South Dakotans may be experiencing financial issues such as tax debt. Compounding the issue are the factors such as unemployment, low minimum wages, and recessions, and several may be searching for tax relief programs in their State.

The past few years have seen an exponential growth in the industry of tax debt relief to help individuals and families. The multitude of companies joining this race is only increasing. The reason for this is that tax relief companies employ various strategies to help their clients with their tax debts. Among the tools used are negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review. Owing the IRS and other state tax authorities is not only stressful but may eventually lead to seizure of your assets and bank accounts. Residents that have fallen into tax delinquency and debt can avail themselves of the services of such companies. These firms will help them minimize or eliminate their debt in a limited amount of time, in lieu of shelling out cash year after year to the tax authorities.

 

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