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      May 21, 2018

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Tax Relief in Vermont

Vermont MapFor the residents of the state of Vermont, incurring tax debt can lead to severe consequences. When not paid within 60 days, the tax liability leaves them open to be subjected to aggressive enforcement actions. These include a warrant, filing of liens, as well as license suspensions and offsetting any federal refunds, they are entitled to.

Additional penalty fees may also be added to the amount you owe to the IRS, which can accumulate and grow over time. Your business license may even be revoked and you may end up on the receiving end of a notice letting the public know your failure to comply with the tax laws.

Vermontís local government also imposes personal income tax and it applies to individual salaries and wages. This category may be broadened to include income earned through stocks, notes, and bonds in some states.

Worsening the issue are the problems of low minimum wages and the decreasing median household and family incomes. In Vermont, the median household income (2013) had a value of $52,578 that was higher than the average income of all US States at $52,250. However, the rate showed a 2.7 % decrease from previous year. Despite having a strong average household income in Vermont, tax debt is still prevalent. Many residents are looking for assistance remedying their outstanding balances from professionals.

These companies offer various tax relief programs, the result being a client who is free of tax debt. Strategies used by tax relief firms to achieve this result include audit representation, negotiated penalty abatement, and reconsideration, and tax return amendment and review. A good tax relief firm will ensure that their clients pay off their debt to the IRS in a timely fashion.


Nonprofits concerned about impact of tax bill

Rep. Janet Ancel, chair of the House Ways and Means Committee. Photo by Mike Dougherty/VTDigger Proposed changes to Vermont's income tax code have nonprofit leaders concerned about the future of the large donations on which they rely. In the income tax ...

Published:  Fri, 18 May 2018 10:50:00 GMT

Vermont Legislature 2018: What passed

The tax bill, H. 911, adjusts Vermont income tax rates and rules to offset federal changes that would have caused Vermonters to pay more state tax. One of the changes is a 5 percent tax credit for charitable contributions up to $20,000. The bill also ...

Published:  Sat, 19 May 2018 13:13:00 GMT

How Seven Under-the-Radar Proposals Fared in Vermont's Legislative Session

so there will be a Round 2 to this," she said. Vermont is one of only four states that tax Social Security benefits, according to AARP, an interest group representing people age 50 and older. In his budget address, Scott proposed phasing out that tax over ...

Published:  Wed, 16 May 2018 07:40:00 GMT

Vermont GOP Governor Reconfirms Veto Plans; Dems Stand Firm

Scott would like to see this money used to pay down future property taxes, but Democrats would rather the money be used to fund future pension obligations. The governor said his plan would help make Vermont a more affordable place to live, but Ashe said ...

Published:  Wed, 16 May 2018 14:04:00 GMT

Vermont Legislature passes tax rate hike despite veto threat, goes home

Democrats brushed off Gov. Phil Scott's veto threats this weekend to pass bills that would allow property tax rates to rise. There was no tarrying in Montpelier while lawmakers attempted to hammer out a compromise with the Republican governor who demands ...

Published:  Mon, 14 May 2018 21:26:00 GMT

Former Tax Preparer Sentenced To Prison For Illegal Vote

Tax scams are nothing new. Each year ... The law in Texas is not the law in all states. In two states, Maine and Vermont, felons never lose the right to vote, even while they are incarcerated. In 14 states and the District of Columbia, felons lose their ...

Published:  Tue, 15 May 2018 14:07:00 GMT

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