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      February 24, 2019

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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 individualís 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.

 

Manafort to be sentenced for bank, tax fraud in Virginia on March 8

Paul Manafort Paul John Manafort White House braces for Mueller report Hillicon Valley: Trump pushes to speed up 5G rollout | Judge hits Roger Stone with full gag order | Google ends forced ...

Published:  Thu, 21 Feb 2019 13:43:00 GMT



Amazon's new Virginia data center is getting a bunch of tax breaks, and it gives insight into how the company reduces its tax liability

While Amazon has bailed on its plans for an HQ2 office in New York, things seem to be chugging along for Virginia, the other state where the online retailer has promised a massive expansion. A new rep...

Published:  Mon, 18 Feb 2019 22:07:00 GMT



Manafort Faces March Sentencing In Virginia Tax, Fraud Case

A judge has set a March 8 sentencing date for former Trump campaign chairman Paul Manafort on his Virginia conviction for hiding millions of dollars from the IRS that he earned advising Ukrainian poli...

Published:  Fri, 22 Feb 2019 09:08:00 GMT



Seth DiStefano: WV should cut taxes for struggling workers, not millionaires (Gazette Opinion)

West Virginia should join them. A refundable state EITC set at 15 percent of the federal credit would lower taxes for more than 150,000 working West Virginians by putting an estimated $54.7 million ba...

Published:  Fri, 22 Feb 2019 20:51:00 GMT



Strike In West Virginia Demonstrates How Teachers Unions Oppose School Choice, As Well As Tax Relief

Thousands of parents across West Virginia need to figure out what to do with their kids today while they go to work. That's because West Virginia teachers union members are on strike today, the second ...

Published:  Tue, 19 Feb 2019 08:50:00 GMT



What Virginia tax changes mean for your state income tax return

HENRICO COUNTY, Va. - On a cold but sunny day at Twin Hickory Park, Shelece Nance plays with two of her boys ahead of a potentially snowy Wednesday, despite the fact she has some work to finish.

Published:  Tue, 19 Feb 2019 15:13:00 GMT



Virginia on the Verge of Approving Its First Local Option Sales Tax

Virginia is on the verge of creating local option sales tax authority for precisely one jurisdiction, and it's been flying completely under the radar. Halifax County, population 35,000, is about to up...

Published:  Thu, 14 Feb 2019 19:40:00 GMT



Virginia legislators adopt tax package on fast route, after racial equity reshapes debate

The General Assembly adopted emergency legislation on Monday to bring tax relief to 2.5 million Virginians this year, after African-American legislators reframed the debate over race, revenues and sta...

Published:  Mon, 11 Feb 2019 21:04:00 GMT



Bill passes to provide additional $110 Virginia tax refund

RICHMOND, VA (WWBT) - A bill that will provide Virginia tax payers with a $110 refund this fall has been sent to Gov. Ralph Northam to sign. The House of Delegates and Virginia Senate are sending iden...

Published:  Tue, 12 Feb 2019 13:06:00 GMT



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