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      September 19, 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.

 

Jimmy Rodefer: Online sales taxes in the state's court

Wayfair also means goods sold online out of Tennessee, Kentucky, Indiana and other states will become more expensive as sales tax is added to the cost. But how much, and how soon Online sellers not a...

Published:  Tue, 18 Sep 2018 04:16:00 GMT



In reversal, Blackburn calls plan to increase federal tax on gas, diesel 'very thoughtful'

Blackburn also praised state lawmakers for passing a law last year that increased Tennessee's tax on gasoline and diesel fuel over a three-year period to help fund infrastructure projects throughout t...

Published:  Mon, 17 Sep 2018 12:50:00 GMT



New Developer Takes Over Mall Site That Has State Tax Aid

The new company, based in Chattanooga, Tennessee, says it has agreed with landowner Bob ... The state has granted a sales tax rebate worth $96 million to the project under a since-repealed tax provisi...

Published:  Sun, 16 Sep 2018 08:48:00 GMT



Tennessee issues update on sales tax applicability in reaction to the recent Wayfair SCOTUS decision

The Tennessee Department of Revenue has just issued a special notice that provides some additional guidance regarding how Tennessee is reacting to the recent South Dakota vs. Wayfair U.S. Supreme Cour...

Published:  Fri, 07 Sep 2018 07:35:00 GMT



Rising fuel prices: TN Govt says onus on Centre to cut taxes

The Centre has said it will not cut excise duty on petrol and diesel to cushion the spiralling prices. The rising fuel prices have triggered a political debate, with the Congress announcing a nation-w...

Published:  Fri, 07 Sep 2018 01:29:00 GMT



Proposed parcel tax for school district now has a name

Burbank Unified's parcel tax has a name, and the local school superintendent has a mission. Supt. Matt Hill announced during a Burbank Arts for All Foundation get-together on Aug. 29 that the 10-cents ...

Published:  Thu, 06 Sep 2018 23:10:00 GMT



Tennessee Senate Race To Replace Bob Corker Looks Like A Toss-Up

She's represented Tennessee's 7th District in the central part of the state since 2003, and she has built up a conservative portfolio that dates back to her time in the state legislature when she succ...

Published:  Fri, 07 Sep 2018 08:28:00 GMT



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