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Tax Relief in Utah

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.


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Tax Relief In The News

Dan Patrick: Texas lawmakers must call 'as many special sessions as it takes' to pass 'substantial' tax relief

AUSTIN - Lt. Gov. Dan Patrick says state lawmakers must enact "substantial" tax relief even if it means working overtime. On Sunday, Patrick sent his supporters an email on Sunday urging the ...

Published:  Mon, 25 Mar 2019 08:24:00 GMT

New Jersey's incredibly shrinking property tax relief program

A dozen years ago, New Jersey's Homestead benefit program reached what turned out to be its zenith. It doubled in size in one year to over $2.2 billion; its more than 2.5 million recipients ...

Published:  Sun, 24 Mar 2019 10:21:00 GMT

Tax Insider Tips: Company Tax Relief For Shares - A "˜Hidden' Gem!

Mark McLaughlin highlights a useful tax relief for companies that is sometimes overlooked. Share transactions invariably have tax consequences. For example, when an individual subscribes for shares in ...

Published:  Mon, 25 Mar 2019 04:30:00 GMT

Property tax relief requires a trade-off

What is likely to be this Unicameral session's best chance to provide meaningful property tax relief is beginning to take shape in the Legislature's Revenue Committee. A general outline was reported ...

Published:  Wed, 20 Mar 2019 02:00:00 GMT

IRS offers tax relief for Nebraska flood victims

OMAHA, Neb. (WOWT) - The IRS is offering tax relief for victims of the severe weather that swept through Nebraska in March. Because of the federal disaster declaration, people who live or have a ...

Published:  Fri, 22 Mar 2019 16:08:00 GMT

Governor Cuomo And Long Island Senators: No Tax Cap - No Deal

Last month, Governor Cuomo launched a Tax Fairness for the Middle Class Campaign in support of middle class tax relief. To illustrate the benefits of a permanent property tax cap, Governor Cuomo ...

Published:  Mon, 25 Mar 2019 08:36:00 GMT

IRS Expands Tax Underpayment Penalty Relief

For taxpayers facing underpayment penalties this tax season, the Internal Revenue Service is upping the relief it's already provided. That's welcome news, albeit late. In Notice 2019-25, the IRS ...

Published:  Fri, 22 Mar 2019 12:23:00 GMT

Congress has tax, spending options for Midwest flood relief

Editor's Note: This edition of Morning Agriculture is published weekdays at 10 a.m. POLITICO Pro Agriculture subscribers hold exclusive early access to the newsletter each morning at 6 a.m. To learn ...

Published:  Fri, 22 Mar 2019 08:00:00 GMT

Finch: We're having the wrong conversation about NY tax cap (Commentary)

When the governor signed the tax cap into law, he impaneled a commission to promote mandate relief. It's accomplished absolutely nothing. Meanwhile, our Assembly Republican Conference has sponsored ...

Published:  Mon, 25 Mar 2019 04:31:00 GMT

Franklin County auditor: Property-tax relief available for weather damage

Owners of weather-damaged properties could seek property-tax relief from the Franklin County Auditor's Office. Auditor Michael Stinziano said if such calamities as wind, floods, tornadoes, fire and ...

Published:  Sat, 23 Mar 2019 03:03:00 GMT

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