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      May 25, 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.


Brink: A 25-cent hike in the federal gas tax is a rotten idea for Florida

No matter your politics, the proposed 25-cent hike in the federal gas tax is a lousy idea. It's regressive, burdening the poor and working class more than the rich. Federal interference with state transportation projects can raise costs, layer on ...

Published:  Thu, 24 May 2018 08:03:00 GMT

Get ready: Florida tax holiday for hurricane supplies is June 1-7

Early forecasts indicate the 2018 hurricane season will be above average. Experts predict 14 named storms and a greater than normal chance a major system will strike the U.S. Early forecasts indicate the 2018 hurricane season will be above average.

Published:  Tue, 22 May 2018 07:12:00 GMT

Hurricane season is returning, and so is the tax break to prepare for it

But there's incentive to get ready. From June 1 through 7, storm supplies are tax-free in Florida. The tax-break includes flashlights, batteries. gas containers, radios, generators, tarps, reusable ice packs, tie-down kits and ground anchor systems.

Published:  Thu, 24 May 2018 11:49:00 GMT

Rail project creates division in Florida delegation

In separate letters, delegation members urged U.S. Transportation Secretary Elaine Chao to support or suspend $1.15 billion in federally-authorized tax-exempt bonds that Brightline's parent company, All Aboard Florida, intends to use to finance a ...

Published:  Thu, 24 May 2018 14:45:00 GMT

Taxation of Athletes and Entertainers Under the New Tax Law

The tax law will no longer allow deductions (including many of ... that an NBA player who has established a loan-out is contacted by the manager of a summer basketball camp in Florida, asking him to spend an afternoon with the campers in return for a ...

Published:  Wed, 23 May 2018 13:35:00 GMT

Tax Cuts: Who Has Benefited So Far

Sarasota, FL (WWSB) -- In December, Congress passed a massive tax cut package - that's taken the average taxpayer from the 25% tax bracket to the 22% tax bracket. For many, whose income qualified, were eager to see a little "extra" back in their paychecks ...

Published:  Thu, 24 May 2018 09:43:00 GMT

Save on storm supplies during hurricane tax holiday in June

That's fewer storms than last year, but that's no reason to avoid stocking up on supplies during Florida's hurricane preparedness sales-tax holiday, which runs June 1-7. Last year's tax holiday was only three days. Many people wait until a storm ...

Published:  Thu, 24 May 2018 13:46:00 GMT

Trump Hints at Further Tax Cuts by November: 5 Solid Picks

Lower Taxes to Spark Investment Boom The absolute benefit of lower ... respectively. Shares of this Florida-based company have gained 31.4% in the past month. Kforce Inc. KFRC offers professional staffing solutions and services in the United States and ...

Published:  Thu, 24 May 2018 07:05:00 GMT

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