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      February 24, 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.

 

Gov. Lee plans to end the gym tax in Tennessee

NASHVILLE (WDEF) - Tennessee Governor Bill Lee wants to repeal the amusement tax on gym memberships. It will be part of his first budget for the state. "I'm pleased to be able to include a ...

Published:  Tue, 19 Feb 2019 11:31:00 GMT



Comcast sues state of Tennessee, claims $17M tax overcharge

Comcast is suing the state of Tennessee to recoup $17.1 million paid in taxes, claiming the state miscalculated what the company owed for its video and internet services. Comcast and its affiliates su...

Published:  Wed, 20 Feb 2019 07:58:00 GMT



Some traveling workers losing money from tax reform

"If they don't travel, projects won't get finished." In a statement, Northeast Tennessee Congressman Phil Roe (R-D1), who voted in favor of the tax reform bill, said, in part, "The Tax Cuts and Jobs A...

Published:  Fri, 22 Feb 2019 14:46:00 GMT



Tennessee Governor to Push for Gym Tax Repeal

NASHVILLE, Tenn. (AP) - Gov. Bill Lee says his upcoming budget proposal will include repealing the $10 million amusement tax on gym memberships. Lee announced Tuesday repealing the tax is important to ...

Published:  Tue, 19 Feb 2019 12:48:00 GMT



Alabama GOP to consider stance on gas tax bill for roads

Gas tax hike likely to dominate 2019 session Campaigns aren't ... But Fredricks said it could be better, noting that Tennessee's burden was 7.4 percent. "I think it's fair to say that there's room to ...

Published:  Fri, 22 Feb 2019 21:35:00 GMT



Tennessee Gov. Bill Lee announces plan to repeal amusement tax on gym memberships

NASHVILLE - Gov. Bill Lee on Tuesday announced his legislative package of bills will include legislation repealing an amusement tax on many gym memberships. "I'm pleased to be able to include a tax cu...

Published:  Tue, 19 Feb 2019 12:03:00 GMT



Research & Commentary: Nebraska Should Avoid Relying on Alcohol Taxes

All states tax alcohol in some form or fashion. The Urban Institute found that per gallon taxes on beer range from 2 cents in Wyoming to $1.29 in Tennessee, 20 cents in California to $2.50 in Alaska f...

Published:  Fri, 22 Feb 2019 10:35:00 GMT



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