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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

Top Democrat: We need property tax relief, Gov. Murphy. Restore homestead rebates

New Jersey is known for many things - our beautiful shore, our great history, Bruce Springsteen - but it's also known for something much less attractive: having the highest property taxes in the nation. New Jersey's residential property taxes set a new ...

Published:  Mon, 21 May 2018 08:44:00 GMT



Tax relief available for rain and flood damage in Carroll

Standing water collected on Bethel Road in Westminster after a few days of rainy weather. Standing water collected on Bethel Road in Westminster after a few days of rainy weather. (Ken Koons/Carroll County Times / Carroll County Times) Carroll County ...

Published:  Mon, 21 May 2018 17:16:00 GMT



Selectmen OK tax relief for new downtown building

MILFORD - There have been shops on the corner of Nashua Street and South Street since 1797, according to the town history, and a shoe store on the corner since 1884. But there hasn't been a business in One Nashua Street for a very long time, not since ...

Published:  Mon, 21 May 2018 19:55:00 GMT



Alcohol industry pushes lawmakers to uncork excise tax relief

The alcohol industry is pressing Congress to make permanent the excise tax relief it received under the Republican tax law. The measure President Trump Donald John Trump Oregon governor to face state rep in November Ashford, Eastman neck and neck in ...

Published:  Wed, 16 May 2018 03:00:10 GMT



Now: Pensions renews tax relief top-up

Workplace pension provider Now: Pension will be topping up pension pots of non-taxpayer members, to make up for the income tax relief shortfall, for the 2017 to 2018 and 2018 to 2019 tax years. Currently, as many as 300,000 low paid earners are being ...

Published:  Tue, 15 May 2018 03:33:00 GMT



IRS offering tax relief for Greensboro, Guilford County residents affected by tornado

GREENSBORO - The Internal Revenue Service has announced tax relief for those in Greensboro and Guilford County affected by the April 15 tornado. The move comes as a result of President Trump approving a disaster declaration Tuesday for those areas ...

Published:  Fri, 11 May 2018 12:35:00 GMT



Tax Relief Associates provides an insight into one of the IRS tax relief programs

SAN DIEGO, May 15, 2018 (GLOBE NEWSWIRE) -- When couples file a joint tax return, each individual is liable for an equal payment of all taxes including penalties and interest for that given year. In the case of divorce or a divorce decree stating that one ...

Published:  Tue, 15 May 2018 15:46:00 GMT



New Hampshire DRA launches property tax relief program

CONCORD - The New Hampshire Department of Revenue Administration (NHDRA) announced the launch of the state's annual Low and Moderate Income Homeowners Property Tax Relief program and is accepting applications through June 30, 2018. New this year, NHDRA ...

Published:  Mon, 21 May 2018 19:54:00 GMT




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