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Tax debt has become a living and breathing problem in the country, necessitating the need for tax relief. The business of offering tax relief to residents has boomed in the past five years. With passing time, more and more firms become a part of it. To offer tax relief, a company may use a variety of methods. These include audit representation, negotiated penalty abatement and reconsideration, and tax return amendment and review.
There are two types of taxes levied by the local government: personal income and property tax. When paid by residents and nonresidents of a state, this money goes to ensure that schools and other municipality systems keep running. Personal income tax is actually based on an individual's wage or salary. Some states, as if Texas, South Dakota and Tennessee do not collect this tax, at least on the state level. While others like the state of Utah, have a personal income tax in place. The residents of Utah pay a tax at a flat rate of 5 percent. Before 2008, however, there used to be multiple brackets for this tax category.
Exempted from paying the income tax are residents earning $2,850 for single filers while for joint filing, the amount is $5,700. This amount is determined by multiplying the amount of federal exemption by 75 percent, each year. There are bases of exemption and ways to claim tax credits, as well. Tax delinquency is an offense that may lead to serious consequences. Penalties include 10% of the unpaid tax, 15% for intentionally disregarding rules applying to taxes, 50% for intentionally evading the tax, 100% for fraud, and a $50 penalty for failure to file per return.
Furthermore, there is a Warrant for Delinquent Taxes, also called the state tax lien, that dictates that your personal property can be sold to satisfy your tax debt. Realizing the seriousness of this issue leads us back to employing the services of a tax relief firm. Such firms will aid you so that you end up paying off your debt in the duration set between you and the said firm.
Tax Relief In The News
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Published: Thu, 24 May 2018 20:10:00 GMT
VILLA PARK, Ill. - To help middle class families save more on their taxes, state Rep. Deb Conroy, D-Villa Park, is sponsoring legislation extending the standard income tax exemption for working families that is set to expire at the end of this fiscal year.
Published: Fri, 25 May 2018 10:17:00 GMT
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
Your article was successfully shared with the contacts you provided. While a 401(k) plan loan can often provide an option for obtaining otherwise unavailable financing, the rules governing these loans are specific and failure to follow them can, in some ...
Published: Fri, 25 May 2018 11:00:00 GMT
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
A State-supported think-tank has questioned the level of tax relief given to people for saving for a pension. An Economic and Social Research Institute (ESRI) paper found that high-income households are the big winners from the tax treatment of pension ...
Published: Wed, 23 May 2018 18:30:00 GMT
Pension savers have been left in limbo after a landmark court case about tax relief. In March a court ruled that pension savers were entitled to tax relief when they put non-cash assets into a self-invested personal pension (Sipp) or small self ...
Published: Fri, 25 May 2018 16:01:00 GMT
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