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      January 18, 2019

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Tax Relief in Florida

Florida MapThough 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 arenít 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 stateís 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 itís 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.


South Florida Mansion Sales Surge as Tax Exiles Seek Savings

For the past year, Florida real estate agents have been actively courting wealthy Northeasterners who took a hit from the Trump administration's tax overhaul. Now signs are emerging that some of those ...

Published:  Thu, 17 Jan 2019 02:00:00 GMT

Optima and Taxfyle Team up to Provide the Quickest Solution for Professional Tax Preparation

Optima clients will be able to receive a single upfront quote for their professional tax return filings. Founded in August of 2015 and based in Miami, Florida, Taxfyle is a secure, on-demand tax and a...

Published:  Thu, 17 Jan 2019 08:14:00 GMT

FL: Looser rules on transit tax bringing 'Freebee' shuttles to cities. Is Uber next

Login or register now to gain instant access to the rest of this premium content! Jan. 17--The latest trend in Miami-Dade transit has tax dollars fueling some of the smallest shuttles available. On We...

Published:  Thu, 17 Jan 2019 09:07:00 GMT

Florida residents may have to pay tax on online purchases from out-of-state businesses

TALLAHASSEE, Fla. (CAPITOL NEWS SERVICE) - Florida law requires residents to report and pay the sales taxes they own on items purchased from mail order catalogs or the internet. Few do, but a recent U...

Published:  Tue, 15 Jan 2019 06:48:00 GMT

County Seeks Residents To Review Transportation Tax Projects

FL -- Hillsborough County commissioners are seeking residents to serve on the Independent Oversight Committee for the recently approved referendum to collect a 1-cent sales tax for transportation ...

Published:  Wed, 16 Jan 2019 16:35:00 GMT

6 Tax Breaks for Homeowners

Under the Tax Cuts and Jobs Act ... and commercial banking executive at TIAA Bank based in Jacksonville, Florida. As a result, the share of refinances that banks close on may shrink going forward.

Published:  Wed, 16 Jan 2019 07:37:00 GMT

Q&A: Stricklin says reducing seating capacity at stadium in Florida's plans

Florida athletic director Scott Stricklin says his team is studying ... scheduling and all things Gator. Sun: There was a tax overhaul that went into effect in 2018 that - among other things - elimina...

Published:  Thu, 17 Jan 2019 03:00:00 GMT

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