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      September 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 tax law could cause unexpected tax increase for middle-class residents

Last December the "Tax Cuts and Jobs Act" was signed into law, reducing tax rates for businesses, families and individuals. But Virginia residents-especially those in areas that are mostly middle-clas...

Published:  Wed, 19 Sep 2018 18:00:00 GMT



Daily Mail editorial: West Virginia can't afford to tax itself out of business

Representatives of West Virginia's extraction industries gave a message to legislators during interim meetings Tuesday: "Whatever you do, don't raise severance taxes." Literally, the message was a lit...

Published:  Tue, 18 Sep 2018 17:00:00 GMT



Nonsense surrounds Virginia's tax policy

Steve Haner, a former lobbyist, is a contributing editor to the Virginia public policy blog Bacon's Rebellion and senior fellow at the Thomas Jefferson Institute for Public Policy. Despite Republican ...

Published:  Fri, 07 Sep 2018 15:03:00 GMT



Virginia accountants call for 'early and complete conformity' with new federal tax law, delay on policy changes

Virginia's certified public accountants want policymakers to conform the state's tax code with the new federal tax law both quickly and completely, while delaying major changes in tax policy until aft...

Published:  Tue, 18 Sep 2018 11:30:00 GMT



Energy Leaders Provide Severance Tax Information

Anne Blankenship, executive director of the West Virginia Oil and Natural Gas Association, said efforts to raise the natural gas severance tax as a revenue stream for the state's Public Employees Insu...

Published:  Mon, 17 Sep 2018 22:52:00 GMT



Editorial: Virginia's coming tax debate

Brace yourself. Virginia is about to start talking about taxes. Not raising them, but whether to keep to keep a windfall of revenues from taxes that got raised without anyone actually voting for them. ...

Published:  Sat, 08 Sep 2018 21:00:00 GMT



City EDA approves no-net-loss tax incentive for Peninsula Ace Hardware

(Rodrigo Arriaza / Virginia Gazette) The Williamsburg Economic Development Authority unanimously approved a no-net-loss tax incentive to Peninsula Ace Hardware at a meeting Tuesday after discussing th...

Published:  Thu, 13 Sep 2018 15:23:00 GMT



Comprehensive Leased Assets Solution from Bloomberg Tax Helps Companies Comply with New Lease Accounting Standards

ARLINGTON, Va., Sept. 17, 2018 /PRNewswire/ -- Bloomberg Tax today announced the release of a new lease assets solution designed to help organizations address and comply with the new FASB ASC 842 stan...

Published:  Mon, 17 Sep 2018 07:00:00 GMT



Americans can't afford a carbon tax

Don Beyer of Virginia and Chris Van Hollen of Maryland. Their bill would institute a cap on carbon dioxide emissions, create a federally run carbon dividend program, impose a border adjustment tax on ...

Published:  Tue, 11 Sep 2018 16:36:00 GMT



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