Tax Relief – How to Avoid a Bankruptcy Using This Strategy

You need to understand and appreciate the different types of Florida tax relief. If you don’t, then you may have a harder time when trying to decide which type of Florida tax relief will best work for your Florida financial situation. In order to determine your need, you will need to ask yourself and answer a few questions. These questions will help you understand what type of Florida tax relief you need.

 

State income tax relief is available for: the filing and payment due date for: business owners; home owners; non-home owners; and heads of households (i.e. heads of households must also file separately with their personal financial information). The following are examples of situations where you may be eligible for state income tax relief:

 

* Local sales tax liability. Florida has a local sales tax that is imposed on most items that are purchased within the state. A percentage of this tax is exempted based on the location and frequency of purchase. If you have a local sales tax liability, you may be entitled to relief from the tax.

 

* Revenue news release. There are many situations where you might receive a revenue news release. If you received a revenue news release regarding any event that is related to the tax relief that you are seeking, you may qualify for that relief. The news release should include the name of the recipient, the amount of exemption that you may be eligible for, and the deadline for the filers to file their state income tax return. You should print out the news release and keep it in your filing cabinet. You should forward the filed return to your tax advisor for review and possible approval.

 

* Department of Revenue news release. In the case that the Department of Revenue does not receive a revenue news release, they will send you a tax education brochure. In this brochure, you should find a link that leads to an online web page. On that web page, you should find information on how to file your state income tax return and what forms you need to fill out. If you need further assistance, you can contact the Department of Revenue by phone. You can also fax them a proof of citizenship, social security card, or passport in order to file your return online.

 

Tax relief can help you pay down your debt and avoid a bankruptcy, but you should make sure that you completely understand all of the laws, rules, and regulations associated with the state in which you live. Be sure to talk to a skilled tax attorney who can guide you through the process. With a little effort and due diligence, you can keep more of your hard-earned money.