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      November 18, 2018

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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.

 

Memphis Asks AG to Weigh on Tax Incentive Disclosures

MEMPHIS, Tenn. (AP) - City officials in Memphis have asked the state attorney general's office to determine if they can hide the names of companies seeking tax incentives from the public. The Commerci...

Published:  Sat, 17 Nov 2018 09:48:00 GMT



Tennessee gov-elect promises to overhaul public records law

Tennessee's newly elected governor says he wants to do a complete ... time he had ever run for political office - declined to disclose details of his federal tax returns after citing concerns it could ...

Published:  Sat, 17 Nov 2018 17:35:00 GMT



No income tax is growing economic advantage for Tennessee, governor says

The lack of a state income tax in Tennessee is helping to lure more people and businesses to the Volunteer State, especially since the federal tax reforms adopted a year ago limit some of the tax exem...

Published:  Thu, 08 Nov 2018 19:13:00 GMT



Amazon's NYC home in "˜opportunity zone' for Trump tax break

Tennessee, that was also announced Tuesday. Amazon did not mention the Long Island City opportunity zone tax breaks Tuesday in any of its announcements about the new campus. Company spokesman Adam Sed...

Published:  Wed, 14 Nov 2018 11:53:00 GMT



Correction: Amazon HQ-Trump Tax Break story

Tennessee, that was also announced Tuesday. Amazon did not mention the Long Island City opportunity zone tax breaks Tuesday in any of its announcements about the new campus. Company spokesman Adam Sed...

Published:  Thu, 15 Nov 2018 12:43:00 GMT



Grocer's group wants 'statewide standards' on plastic bag tax

As the City of Memphis weighs a tax on plastic bags, the head of the Tennessee Grocers and Convenience Store Association (TGCSA) said the industry would prefer a statewide set of rules rather than "a ...

Published:  Mon, 05 Nov 2018 11:10:00 GMT



Gov: Amazon "˜largest jobs commitment' in Tennessee history

Finally, Amazon will receive a job tax credit to offset 50 percent of Tennessee's franchise and excise taxes based on $4,500 per job over the next seven years - worth about $21.7 million. A free marke...

Published:  Tue, 13 Nov 2018 10:03:00 GMT



Auto Repairman Indicted for Tax Evasion and Theft

COVINGTON, Tenn. (AP) - Tennessee Department of Revenue investigators say an auto repair and towing company owner has been indicted on charges he failed to remit collected sales tax and falsified vehi...

Published:  Thu, 08 Nov 2018 01:17:00 GMT



Glendale sales-tax hike receives voter approval

A measure to increase Glendale's sales tax to 10.25%, up from 9.5%, passed at the polls Tuesday night. With all precincts reporting, 18,472 votes, or 52.94%, were cast in favor of the 0.75% tax hike k...

Published:  Wed, 07 Nov 2018 04:35:00 GMT



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