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      February 17, 2019

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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.


Study: Texas oil & gas industry paid $14 billion in taxes, royalties in 2018

Fog blankets a low-lying area where pumpjacks operate in West Texas, northeast of Kermit, on Sept. 12, 2018. CONTINUE to see how much money area energy companies made (or lost) in recent quarterly ear...

Published:  Thu, 14 Feb 2019 10:39:00 GMT

Bill Whitaker: Property-tax fight exposes state's own hypocrisy

Clearly on the same page but more hard-headed in approach: Burly County Judge Jay Elliott from adjoining Falls County during a Texas Senate Property Tax Committee hearing the following day. Seated dur...

Published:  Sat, 16 Feb 2019 20:30:00 GMT

Bad tax ideas abound in Texas and the U.S.

We've seen a couple scurrying across the floor at our office in the last week or so. I don't like them any more than I like mosquitoes or houseflies. When I see one, I scoop it up and send him for a s...

Published:  Fri, 15 Feb 2019 22:00:00 GMT

Days after heated meeting, Texas Senate property tax committee passes 2.5-percent rollback rate bill

The 86th Legislature runs from Jan. 8 to May 27. From the state budget to health care to education policy - and the politics behind it all - we focus on what Texans need to know about the biennial leg...

Published:  Mon, 11 Feb 2019 15:13:00 GMT

Local government would lose, taxpayers keep $900 million as Texas property tax cap bill advances

AUSTIN - A bill that would cap property taxes and shrink local government budgets by an estimated $900 million passed its first hurdle Monday and heads to the Senate for a full vote of its members. Th...

Published:  Mon, 11 Feb 2019 14:08:00 GMT

Texas Is The 20th Most 'Tax-Friendly' For Middle Class: Study

Texas is the 20th most tax-friendly state in the country for the middle class. That's according to a study published Wednesday by the personal finance site GOBankingRates. State and local income ...

Published:  Thu, 14 Feb 2019 05:23:00 GMT

Texas cracking down on sales tax evasion, but some question if it is enough

Texas is cracking down on the most common form of tax evasion: failure to pay sales tax. For decades, online shoppers have taken advantage of a 1992 U.S. Supreme Court decision that said tax collector...

Published:  Fri, 08 Feb 2019 02:30:00 GMT

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