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      July 16, 2019

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Tax Relief in Tennessee

Tennessee MapPersonal Tax refers to the tax on compensation earned by residents and nonresidents. These include wages and salaries along with interest, income from intangible property, dividends, and so on. Personal tax is one of the local taxes that fund governmental units, such as schools and other municipalities. Like six others states, including South Dakota, the state of Tennessee does not levy a personal tax, however, residents earning income from stocks, notes and bonds are considered to be earning taxable income. That tax has a flat rate of 6 percent.

Property tax also comes under personal taxes and the state of Tennessee levies this type of tax on its residents. It also offers tax relief to elderly and disabled property owners. The degree of tax relief provided through such programs takes into account the market value of the property in question.

For the rest of the residents, tax debt could very well become a reality. Delinquency concerning the amount owed to the IRS can lead to the issuance of a warrant/lien against you and your assets. The warrant makes it possible that any (or all) assets owned by you can be seized and then sold off to pay your debt. Other penalties keep being incurred, as the time passes. The only solution to this problem is to look for a tax consultant from a firm that offers tax relief.

The industry of tax relief keeps on increasing exponentially with a multitude of companies joining this race year after year. Helping the client get out of tax debt is paramount to a tax relief company. Strategies employed by such companies include negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review. Instead of waiting for the IRS to seize your assets, you should retain the services of a tax relief firm to assist.


Tennessee tax-free weekend is coming up: When and how to save

As Tennessee students prepare for their return to class, the state is offering its annual sales tax break on back-to-school shopping. The holiday on state and local sales tax starts Friday, July 26, ...

Published:  Mon, 15 Jul 2019 02:08:00 GMT

Sales tax holidays are just around the corner

MEMPHIS, Tenn. - Kids are heading back to school soon which means it's time for those sales tax holidays. Beginning Friday, July 26, Tennessee shoppers will not have to pay sales tax on items ...

Published:  Mon, 15 Jul 2019 09:39:00 GMT

Collegedale commissioners meet on alleged police quota system, eye reducing property tax increase

On July 11, White issued a statement calling for a Tennessee Bureau of Investigation probe into the ... In other business, the board discussed the option of reducing the 39-cent property tax increase ...

Published:  Sun, 14 Jul 2019 17:00:00 GMT

M&A roundup: Deals in Indiana, Tennessee and Maine

Somerset CPAs and Advisors adds Peters, Browning & Co.; Rodefer Moss & Co. combines with both Fortner Smalley and Thrower, Blanton & Associates; and Austin Associates acquires Button's Tax Services. ...

Published:  Mon, 15 Jul 2019 06:21:00 GMT

When is the 2019 tax-free weekend in Tennessee?

When is the 2019 tax-free weekend in Tennessee? Tennessee will again eliminate taxes on school clothing and supplies for three days in July. Check out this story on ...

Published:  Fri, 12 Jul 2019 15:34:00 GMT

Organization president weighs in on state of film and TV business in middle Tennessee

She wants to see the film and TV business keep moving forward from there. Evjen said the problem is Tennessee isn't competitive with other states for tax incentives. She said a step in the right ...

Published:  Mon, 15 Jul 2019 16:21:00 GMT

The Tennessee tax shuffle: Transparency at the pump

Editor's note: This is the second of two columns from Ed McKinney about the effects of tax changes in Tennessee. Sunday we examined the benefit for the ultra wealthy with the elimination Tennessee's ...

Published:  Mon, 15 Jul 2019 04:22:00 GMT

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