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      February 17, 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.

 

Governor Northam signs tax conformity legislation

RICHMOND - The Virginia Department of Taxation started processing individual income tax returns for Virginians after Governor Ralph Northam signed tax relief legislation Friday. Nearly $1 ...

Published:  Sat, 16 Feb 2019 14:17:00 GMT



The state and local tax deduction cap probably isn't going away - despite Trump's comments

who analyzes elections at the University of Virginia Center for Politics. New York Gov. Andrew Cuomo, a Democrat and leader of the fight against the cap, this month called the new tax policy "an econo...

Published:  Sat, 16 Feb 2019 13:00:00 GMT



Richmond may seem to be in chaos, but Virginia lawmakers just reached a bipartisan deal on taxes

RICHMOND - It may have looked like Richmond was burning this week as it did in 1865, but legislators worked through chaos and scandal to unveil a $1 billion bipartisan agreement Friday on tax relief. ...

Published:  Fri, 08 Feb 2019 13:40:00 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



No quick help for Virginia tax filers: House adopts conformity without emergency clause, passes Republican tax plan

House Republicans on Tuesday passed legislation that would conform Virginia tax code to new federal tax law, but it wouldn't take effect until July 1, two months after the deadline for state taxpayers ...

Published:  Fri, 08 Feb 2019 06:48:00 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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