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      November 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 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.

 

Virginia Downgrades Estimates of Online Sales Tax Revenue

RICHMOND, Va. (AP) - Virginia tax officials have lowered the amount of new revenue the state could bring from expanding sales taxes on items sold online. Tax officials told lawmakers Monday that the s...

Published:  Tue, 20 Nov 2018 01:14:00 GMT



New York and Virginia won Amazon, but low-tax states keep winning more and more jobs

Gov. Andrew Cuomo, D-N.Y., offered Amazon $1.5 billion in corporate cronyism tax breaks, saying, "It's not a level playing field to begin with. All things being equal, if we do nothing, they're going ...

Published:  Mon, 19 Nov 2018 15:37:00 GMT



Tax policy changes carry big price, so does potential loss of gas tax revenue

WILLIAMSBURG - The Virginia Senate now has a menu of options for revising state tax policy in response to federal tax reforms, but nothing on it comes cheap to the state budget. Doubling the standard ...

Published:  Mon, 19 Nov 2018 06:01:00 GMT



In our opinion: Be wary of huge tax incentives when a company comes knocking

Virginia, with a logistics center in Nashville, has been met with unexpected pushback. Politicians, especially in New York, are questioning the announced $2 billion in state and local tax incentives t...

Published:  Mon, 19 Nov 2018 09:19:00 GMT



Climate Groups Cringe at Virginia Tax Cut for Oft-Flooded Homes

A measure approved by Virginia voters this week to cut taxes on homes in flood-prone areas of the flood-prone commonwealth has climate experts warning that it might encourage people to remain in vulne...

Published:  Fri, 09 Nov 2018 01:00:00 GMT



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