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      July 15, 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 posts revenue surplus, but is economic growth or tax strategy

RICHMOND - Virginia banked a revenue surplus of roughly $552 million when the state's fiscal year ended June 30, Gov. Ralph Northam (D) said Thursday. The state brought in 6.3 percent more in tax reve...

Published:  Wed, 11 Jul 2018 21:00:00 GMT



Opinion/Commentary: Supreme Court's online sales tax decision gives Virginia options

On June 21, the U.S. Supreme Court opened the door for states to require out-of-state online retailers and other remote sellers to collect state and local sales taxes. For Virginia, the decision could ...

Published:  Sun, 08 Jul 2018 01:19:00 GMT



City manager: Tax credits key to attracting interest in historic Martinsburg hotel

MARTINSBURG, W.Va. - The move by West Virginia lawmakers last year to increase the tax credits available to developers when redeveloping historic structures has been key to attracting investment in th...

Published:  Tue, 10 Jul 2018 07:44:00 GMT



Virginia pharmacist pleads guilty to $5 million in employment tax fraud

COLLINSVILLE, Va. (WDBJ7) --A Virginia pharmacist has pleaded guilty Thursday to employment tax fraud. According to the U.S. Department of Justice, Jerry R. Harper, Jr., 61, of Collinsville pleaded gu...

Published:  Thu, 12 Jul 2018 09:50:00 GMT



Advocate Seeks Changes So Customers Benefit From Tax Cuts

CHARLESTON, W.Va. (AP) - West Virginia's consumer advocate agency says utilities must change their approach so consumers fully benefit from the savings those companies are reaping from federal tax cut...

Published:  Wed, 04 Jul 2018 07:35:00 GMT



Supervisors approve county code change related to sales tax bill

Tax increases as part of the Tourism Development Fund had to ... The complex is regularly used by youth sports organizations, such as Virginia Legacy Soccer Club, as well as Williamsburg-James City Co...

Published:  Tue, 10 Jul 2018 15:13:00 GMT



Proposed real estate tax changes could keep older Arlingtonians in their homes

Coupled with the fact that, as revealed in a recent report by the Northern Virginia Housing Alliance ... Arlington officials have proposed changes to the county's real estate tax relief program in the ...

Published:  Wed, 04 Jul 2018 03:01:00 GMT



Mueller team to introduce evidence that for the first time ties Trump campaign to Paul Manafort's charges

The ex-Trump campaign chairman's Virginia trial on bank and tax fraud charges is slated to begin on July 25. Prosecutors working for Mueller said in the Friday filing they will introduce evidence at t...

Published:  Fri, 06 Jul 2018 05:50:00 GMT



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