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      July 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.


Wear: Texas' frozen gas tax thawed by Propositions 1 and 7

Texas' 20-cent gas tax now is among the nation's lowest, but state roads are benefiting from other added taxes. The city of Austin, looking for a more walkable downtown, this week will convert Colorad...

Published:  Mon, 16 Jul 2018 03:17:00 GMT

Texas eager to spend sales tax windfall, however modest, from online retailers

AUSTIN - The U.S. Supreme Court may have freed up states to collect more sales tax on internet shopping, but the ruling probably won't result in a huge windfall for Texas. Still, the new money could h...

Published:  Mon, 09 Jul 2018 05:00:00 GMT

New Jersey Headquartered Company to Pay Self-Procurement Tax on all Assets Insured by Its Captive

is the largest Firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international t...

Published:  Wed, 18 Jul 2018 13:15:00 GMT

$550 million Texas natural gas project gets tax abatements from Nueces County

A $550 million natural gas liquids separation project received eight years of tax abatements from Nueces County. The Houston company Permico Midstream Partners' Texas NGL Project includes a natural ga...

Published:  Fri, 13 Jul 2018 03:31:00 GMT

Texas AG Warns about Misleading Offers for Homestead Tax Exemptions

WESLACO - Texas Attorney General Ken Paxton is warning about misleading offers for homestead tax exemptions. People are being told they can receive the designation if they pay a fee; officials say onl...

Published:  Mon, 16 Jul 2018 14:13:00 GMT

Oil and sales tax revenues up as Texas pulls in $2.7B more than expected

Texas state revenue is $2.7 billion more than anticipated, with sales and use tax collections up 10 percent from last year, and tax collections from oil and natural gas production also above last year ...

Published:  Wed, 11 Jul 2018 19:50:00 GMT

Texas lets seniors, disabled defer property taxes, but few mortgage companies allow it

Like many Texas seniors, local retiree Guy Miller started deferring payment of his property taxes when he turned 65 to help him live on the limited income supplied by his social security checks and hi...

Published:  Fri, 06 Jul 2018 11:00:00 GMT

Texas Panel Denies Silicon Labs $1.49M Sales Tax Refund

Law360 (July 13, 2018, 7:55 PM EDT) -- A Texas appeals panel upheld a trial court's denial of a $1.49 million sales and use tax refund claim by Silicon Laboratories Inc. on Friday, saying state law do...

Published:  Fri, 13 Jul 2018 17:03:00 GMT

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