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      November 18, 2018

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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.


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Published:  Thu, 08 Nov 2018 10:17:00 GMT

But seriously, folks: Dennis Miller wants to know why Florida citizens would want a state income tax

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Published:  Mon, 05 Nov 2018 20:56:00 GMT

The Latest: Scott leads Nelson as Florida finishes recount

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Published:  Sun, 18 Nov 2018 09:17:00 GMT

Maine Gov. Paul LePage says he's moving to Florida over taxes

Outgoing Maine Gov. Paul LePage announced Monday that he's leaving his home state to move to Florida where he can pay less taxes and possibly land a teaching gig. "I'll be a resident of Florida if Jan...

Published:  Mon, 05 Nov 2018 18:46:00 GMT

One Outgoing Governor's Post-Election Plans: Move to Florida for Tax Reasons

Gov. Paul LePage said Monday that he plans to move to Florida for tax reasons and teach at a university there regardless of who Mainers elect to succeed him. "I'll be a resident of Florida if Janet Mi...

Published:  Tue, 06 Nov 2018 06:20:00 GMT

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