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      November 18, 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.


Texas tailwinds: Wind power produced in Texas is on the rise, as are the tax incentives supporting it

Texas has been drawing in an accelerating wave of investment in wind power, producing far and away more wind power than any other state since 2006, when it first passed California. Companies have brou...

Published:  Thu, 15 Nov 2018 23:00:00 GMT

Two Central Texas women indicted in illegal IRS tax return scheme

WACO, Texas (KWTX) Two Waco women are named in an indictment unsealed Friday that alleges they conspired to defraud the government by filing false tax returns. Stacey Anderson, owner of Anderson Profe...

Published:  Fri, 16 Nov 2018 15:12:00 GMT

Republican lawmakers, don't take revenge on Texas' big blue urban cities

We get why "rein in local property taxes" has become a rallying cry from Gov. Greg Abbott and politicians throughout Texas as we go into the next legislative session. Few residents have managed to avo...

Published:  Fri, 16 Nov 2018 05:32:00 GMT

Texas Justices Will Hear Pollution Control Tax Break Fight

Law360 (November 16, 2018, 8:43 PM EST) -- The Texas Supreme Court said Friday it would hear a case on whether an electric cooperative that operates heat recovery steam generators in power plants can ...

Published:  Fri, 16 Nov 2018 17:44:00 GMT

Bill filing for 2019 session begins with legislation on marijuana, taxes and daylight saving time

Bob Daemmrich for The Texas Tribune The Texas Legislature's newest incoming ... Terry Canales, D-Edinburg, the bill would exempt college textbooks from sales taxes during one week in August and one we...

Published:  Mon, 12 Nov 2018 09:46:00 GMT

Freedom Solar Power launches Texas' 1st solar financing vehicle

The tax credit steps down each year after that ... Freedom Solar Power is the leader in turnkey solar installations in Texas, providing high quality, cost-effective, reliable solar solutions ...

Published:  Thu, 15 Nov 2018 10:56:00 GMT

Texas Justices Mostly Back Equipment Cos. In 4 Tax Cases

Law360 (November 16, 2018, 5:44 PM EST) -- The Texas Supreme Court on Friday affirmed the constitutionality of state tax code sections on the valuation of heavy equipment, and that the statutes apply ...

Published:  Fri, 16 Nov 2018 14:52:00 GMT

Arlington TX Tax and Accounting Firm Estate Planning Services Announced

The Arlington, TX tax consulting firm offers customized solutions that focus on building long-term financial security for individuals and families. The company's retirement services help clients ...

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

Will voters approve higher taxes for Dallas schools

Who's behind the push for school tax increases in North Texas She pointed to new efforts adopted by the district in the past year to address parity, including the creation of the Racial Equity Office ...

Published:  Mon, 05 Nov 2018 15:07:00 GMT

Some people need to see socialism to believe it is bad

In the five years through 2016, some 542,432 more Americans moved to Texas than moved out, supporting a growth rate double that of California's." It seems those who have experienced the socialist poli...

Published:  Fri, 16 Nov 2018 23:30:00 GMT

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