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      May 22, 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.


Virginia could see extra $400 million from income tax payments; Northam urges caution

Starting in June, articles that carry the Subscriber Plus logo (at left) can only be accessed by Richmond Times-Dispatch subscribers with digital access. To learn more or to subscribe, click here. Virginia could end the fiscal year with an extra $400 ...

Published:  Fri, 11 May 2018 13:18:00 GMT

No tax increases for Virginia Beach residents in new budget

VIRGINIA BEACH, Va. (WAVY) - - The initial 2019 budget plan for Virginia Beach would have increased taxes and fees for the average family by almost $100. Residents were looking at paying higher personal property taxes, higher cigarette taxes, higher waste ...

Published:  Wed, 09 May 2018 18:34:00 GMT

Alexandria raises meals tax to 5 percent to fund affordable housing

That will make the tax the largest in the metropolitan region, but not in Virginia, where higher meals taxes are levied in Richmond, Charlottesville and elsewhere, city officials said. Mayor Allison Silberberg (D), who voted with the 4-3 majority on the ...

Published:  Fri, 11 May 2018 21:00:00 GMT

Virginia tax receipts keep rising but net revenue is uncertain

First lady Melania Trump has experienced a significant surge in popularity in recent weeks. A new CNN poll revealed that 57% say they have a favorable impression of Trump, up from 47% in January. This is the biggest number Melania Trump has experienced in ...

Published:  Fri, 11 May 2018 14:27:00 GMT

Feds OK 55 West Virginia "˜Opportunity Zones' Under Tax Law

CHARLESTON, W.Va. (AP) - Federal officials have approved 55 locations across West Virginia to become "opportunity zones," an economic development designation created under President Donald Trump's tax law. In a news release Friday, Gov. Jim Justice ...

Published:  Sun, 20 May 2018 07:02:00 GMT

Virginia Beach official: Keeping lower taxes could affect ability to prepare for sea-level rise

The City Council's efforts to keep taxes and fees low could affect the city's long-term ability to prepare for sea-level rise and climate change, according to the city's top administrator. The council presented an alternative to City Manager David ...

Published:  Fri, 11 May 2018 08:30:00 GMT

As Va. budget fight resumes, hospitals balance benefits of expanding Medicaid, cost of tax to pay for it

Nearly four years ago, three of Virginia's private nonprofit health systems proposed to tax themselves to help pay for hospital indigent care and medical education. The idea - which the Sentara, Inova and Carilion health systems presented in late 2014 ...

Published:  Fri, 11 May 2018 08:10:00 GMT

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