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      July 21, 2018

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Tax Relief in Virginia

Virginia MapThe state of Virginia requires its residents to pay income tax. This type of tax is imposed on an individual’s wages or salary and the amount is based on what is being earned. The amount received in the form of income and property taxes is used by the state to ensure smooth running of governmental units like school systems etc. However, there is no property tax in Virginia on the state level. Thus, the local government is responsible for the collection of property taxes.

The latest figures for the median household income available are from 2013, which identify that in Virginia, median household income is $10,416 higher than the median household income for US. When compared with the values of the state itself in 2005 ($64,721), the figure ($62,666) is considerably lower. The figures for median family income for the state of Virginia are $75,524, which is higher than that for the value of median family income in the US ($64,030). However, ten years ago, the average used to be $77,768. With household and family income decreasing every year and the current rate of unemployment, tax debt has turned into a reality for many residents.

Helping individuals battle against the consequences of tax delinquency are firms that provide tax relief. Since those consequences include monetary penalties as well as liens and warrants declaring your property to be sold to pay off debt to the IRS, opting to work with a good tax relief firm is a viable solution. Tax relief is achieved by using strategies like negotiated penalty abatement, audit representation and reconsideration, and tax return amendment and review. Several strategies exist and are used every day to help individuals fix their tax debts with State and Federal entities.

 

Restaurant improperly collected city sales tax

The discrepancy was first noticed and brought to the attention of both the West Virginia State Tax Department and Golden Corral in March, not by city or state officials, but by a customer. However, th...

Published:  Fri, 20 Jul 2018 21:12:00 GMT



Virginia Center Commons mall owner pays only part of his back taxes

The owner of Virginia Center Commons is whittling down the mall's past due tax bills, according to Henrico County tax officials. Earlier this year, the mall owed more than $277,000 in back taxes, pena...

Published:  Fri, 20 Jul 2018 05:56:00 GMT



Martinsburg sales-tax revenue surges past $4.2M

The city of Martinsburg's 1 percent municipal sales tax generated $4.2 million for the city in fiscal 2017-18, which ended June 30. The $1,137,218 distributed to the city for the fiscal year's last qu...

Published:  Thu, 19 Jul 2018 19:07:00 GMT



Tax Laws Bite California's Housing Market: Virginia Postrel

(Bloomberg Opinion)-Forty years ago last month, Californians passed Proposition 13, the property-tax limitation that helped spark a national tax revolt. It's still popular. In a March survey by the Pu...

Published:  Mon, 16 Jul 2018 08:24:00 GMT



States Should "˜Take the Long View' on Sin Taxes, Report Says

Tax revenues on certain products and activities are unstable ... For example, after the MGM National Harbor casino opened along Maryland's waterfront border with Virginia in 2016, five older casinos i...

Published:  Thu, 19 Jul 2018 08:13:00 GMT



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