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Tax Relief in Florida

Though many people in Florida struggle intermittently under credit card debt, there is a smaller population that faces even greater problems because they are stuck with thousands of dollars of tax debt. These people accrue tax debt when they fail to pay the amount indicated on their tax returns or when they fail to file returns at all. Like other forms of debt, tax debt can create an extremely difficult situation for the many people involved because usually they lack the income and assets to quickly pay it off. In that case, the federal government and the state government will start hounding them for payments and initiating collection actions if payments aren't forthright. Some of the possible collection actions include garnishing of wages, tax liens on property, and seizure of property.

People who get in these situations often are already struggling with low wealth and income and may already owe credit card and mortgage debts. Without the right help, these situations can seem hopeless.

For those looking for personal tax relief in Florida, one option is applying for the state's formal Offer in Compromise program. Offer in Compromise programs give taxpayers the opportunity to settle their tax debt with the government and agree to pay a reduced total amount. It is very difficult to achieve these agreements, and the help of a professional tax relief company can increase the likelihood of success. Tax authorities typically only agree to an OIC if the person does not have the financial capacity to pay the full amount, so the person will first have to send all their financial information to the appropriate officials.

OIC agreements work differently in different states. The OIC agreement will not reduce the tax debt to zero, but it can significantly reduce the debt, so that it's less of a burden. Typically, a state will have a sliding scale based on the debt owed and the amount of wealth and income of the individual. That sliding scale will determine how much, if any, of the debt is reduced. People who are looking for personal tax relief in Florida often have difficulty navigating this process alone. A tax relief company has the experience to help this run smoothly.

 

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Tax Relief In The News

Lawmakers found more money for schools this year, but what about down the road

The fact that Illinois passed this "historic school funding" legislation received a lot of attention last year, but one part of the plan did not: the Property Tax Relief Pool Grants Of the new revenue ...

Published:  Tue, 17 Jul 2018 10:56:00 GMT



Taxpayers to get relief after school board votes to lower tax rate in 2019 following $1.1M mistake

MONROE COUNTY, Ind.- Taxpayers in the Richland-Bean Blossom Community School Corporation will get some tax relief next year following a $1.1 million mistake that forced homeowners to pay an increase o...

Published:  Tue, 17 Jul 2018 12:50:00 GMT



David Watt: Claiming tax relief for museums and galleries need not be too taxing

In the context of ongoing uncertainty around cultural funding, the launch of a tax relief for museums and galleries is welcome news. A tax relief will never replace funding, and specifications and lim...

Published:  Mon, 16 Jul 2018 22:17:00 GMT



Residents ask APS to lower property tax rate more than 1-mill proposal

The call for tax relief came during two public hearings Monday that the Atlanta Board of Education is required to hold before it sets a millage rate, currently at 21.74 mills. The third and final publ...

Published:  Mon, 16 Jul 2018 19:01:00 GMT



7th Pay Commission: How to claim tax relief for arrears

New Delhi, July 17: With the 7th Pay Commission recommendations being implemented, government employees are paid arrears of salaries and allowances with a retrospective effect. For the financial year ...

Published:  Mon, 16 Jul 2018 18:24:00 GMT



Tax relief for severe storms and flooding victims

Texas - Victims of severe storms and flooding that began on June 19, 2018 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disast...

Published:  Tue, 10 Jul 2018 00:09:00 GMT



Low-income Detroiters can apply for tax relief, foreclosure prevention

DETROIT, MI - Detroit is taking steps to ensure more low-income homeowners can stay in their homes by inviting them to apply for tax relief and allowing people to buy back houses in foreclosure. As of ...

Published:  Tue, 10 Jul 2018 18:54:00 GMT



Vaughn Palmer: Public payroll tax relief tilts James' promise for level playing field

VICTORIA - After weeks of speculation, Finance Minister Carole James this week announced relief from the new payroll tax for public service providers like schools and hospitals as well as many chariti...

Published:  Fri, 06 Jul 2018 18:07:00 GMT




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