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      September 22, 2018

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Tax Relief in Texas

Texas MapIndividual wages and salaries earned by the residents and nonresidents form the sources of personal taxes. The state levies these taxes to fund its governmental units like school systems, road maintenance and more. Seven states of the country do not levy a personal income tax on their residents. These states include South Dakota, Tennessee, Texas and others. South Dakota compensates this exemption by levying property tax at the state level. While in Tennessee, the residents have to pay a tax on income earned from bonds, stocks etc. The state of Texas, on the other hand, does neither.

Property tax is collected by local taxing units in Texas. These include counties, cities, and school districts. Automobiles, airplanes, boats and travel trailers all fall under the category of personal property that can be taxed, if they are a source of income. The total tax rate will vary, from county to county and even year to year. A residential homestead exemption is available for people who became owners of a particular property on January 1. While even greater exemptions are given to taxpayers who are 65 (and older) or disabled.

The latest figures available for the median household income in the state of Texas are the figures from the year 2013. These figures show a value of $51,704 which is not only lower than the median household income in the US ($52,250) but also a decrease from what the value used to be in 2012 ($51,477) in the state of Texas itself. A decrease in household income is often attributed to an increase in debt and sometimes, outstanding taxes. For those that are seeing a smaller paycheck it can be a challenge to set aside enough money to pay for any unexpected expenses. Factors like lower income and an increasing rate of unemployment can create a greater tax delinquency. Tax relief programs offer solutions to these residents.

Using strategies like negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review, various companies offer tax relief programs. A tax relief company will work with its clients to get them out of tax debt. Tax delinquency is a very serious issue and can result in the seizure of your assets. A tax relief company can offer a way out.


Stop the political shell games: Everyone needs to help solve Texas' property tax problem

Texas has seen unprecedented property value growth in recent years. At the same time, property owners have seen their property taxes rise. This has created a frenzy among state lawmakers in Austin ove...

Published:  Thu, 20 Sep 2018 00:00:00 GMT

Newt Gingrich: Texas offers a blueprint for a red wave election in November

This week, Texas Republicans won a special election for a state Senate ... The big choices in this 17-county border district were: Right to life versus tax-paid abortion. As Catholics, many Hispanic v...

Published:  Fri, 21 Sep 2018 01:11:00 GMT

Texas keeps slurping up local property taxes [Editorial]

Do you hear that giant sucking sound going up U.S. 290 It's the sound of our state government in Austin slurping up your local school taxes. Last week, the Texas Education Agency projected that the s...

Published:  Mon, 17 Sep 2018 07:00:00 GMT

New Tax Reform Bill Includes Retirement Provisions

On Sept. 10, House Ways and Means Committee Chairman Kevin Brady, R-TX, unveiled three bills that seek to build on the 2017 tax reform law. One bill would make certain individual and small ...

Published:  Sat, 22 Sep 2018 07:01:00 GMT

Democratic lieutenant governor hopeful Mike Collier talks school funding and property taxes

The Texas Tribune thanks its sponsors. Become one. Collier said that eliminating the "loophole" does not amount to raising taxes for big companies. "It's unlawful what they are doing and all that I'm ...

Published:  Thu, 20 Sep 2018 05:50:00 GMT

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