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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

Iowans deserve property tax relief

In 1934, Iowa enacted the first sales and income taxes to provide property tax relief. Today, nearly a century later, Iowa taxpayers still face the challenge of high property taxes. Between 2000 and 2...

Published:  Sun, 17 Feb 2019 03:16:00 GMT

Smaller Tax Refunds Surprise Those Expecting More Relief

The tax preparers at H&R Block had to take a new class before their busy season started this year: empathy training. They listened to a mock exchange between an employee and a customer whose refund wo...

Published:  Wed, 13 Feb 2019 12:55:00 GMT

Tax break bill for Hurricane Michael victims still in the works

The bill would also provide tax relief to help businesses retain employees and let taxpayers refer to earned income from the previous year for determining earned income tax credits and child tax credi...

Published:  Sun, 17 Feb 2019 17:09:00 GMT

Multiple property tax relief bills introduced

LINCOLN, Neb. (KOLN) - On Thursday at the State Capitol legislators heard testimony for two different bills aimed at lowering property tax in Nebraska. Lb-314 would take money from a bunch of places t...

Published:  Thu, 14 Feb 2019 17:05:00 GMT

Critics say tax relief legislation would widen racial inequities

RICHMOND - Members of progressive groups are seeking to hold Gov. Ralph Northam to his promise to focus the remainder of his term on racial equity and to help reconcile Virginia's long history of raci...

Published:  Thu, 14 Feb 2019 10:22:00 GMT

Crespo with proposal to eliminate need for seniors to reapply for property tax relief

Cook County seniors would no longer have to reapply annually for much-needed property tax relief under legislation introduced by state Rep. Fred Crespo, a Democrat from Hoffman Estates. "Local seniors ...

Published:  Sun, 17 Feb 2019 10:31:00 GMT

Sen. Grassley Issues Floor Remarks on Tax Extenders and Disaster Tax Relief

WASHINGTON, Feb. 14-- Sen. Chuck Grassley, R-Iowa, chairman of the Senate Finance Committee, issued the following floor remarks on tax extenders and disaster tax relief: "For several months now ...

Published:  Sat, 16 Feb 2019 06:43:00 GMT

Ricketts: A short history of property tax relief failures

It has often been said that it is helpful to understand history to avoid repeating the mistakes of the past. This year, state senators have proposed initiatives aimed at achieving property tax relief. ...

Published:  Wed, 13 Feb 2019 01:00:00 GMT

Va. House and Senate Approve $1 Billion Tax Relief Package

On Tuesday, February 12, both the Virginia Senate and the House of Delegates approved a budget and tax package to send to the governor. The bill provides $420 million worth of rebates later this year, ...

Published:  Tue, 12 Feb 2019 14:50:00 GMT

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