Tax Relief
The US tax legislation provides several opportunities to obtain IRS tax relief. Usually tax relief means a tax reduction, tax deduction, tax rebate or some kind of delay in or complete evasion of paying the tax. The actual availability of a specified tax relief varies from state to state and depends on the tax laws effective in particular state.
Innocent Spouse Tax Relief allows one of the spouses avoiding tax responsibility due to errors caused by actions of the other spouse. With new regulations applied in 1998, it became even easier to qualify for innocent spouse tax relief and to prevent abuse of the innocent spouse.
In some states homeowners and tenants who pay property taxes, either directly or through rent, on their principal residence may be eligible for a deduction or a refundable credit on resident income tax return. For example, in New Jersey qualified residents may deduct 100% of their property taxes due and paid or $10,000, whichever is less.
Besides, IRS relief is usually provided for victims of disasters. Special tax law provisions may help taxpayers recover financially from the impact of a disaster. Depending on the circumstances, the IRS may grant additional time to file tax returns and pay taxes. Both individuals and businesses in a presidentially declared disaster area can get a faster refund by claiming losses related to the disaster on the tax return for the previous year.
Businesses itemizing deductions have a choice of deducting its state and local income taxes or state and local sales tax. This option was available for the 2004 and 2005 tax years. If you live in a state that does not collect income tax, the optional sales tax deduction should be claimed for significant tax savings.
Contact our attorney to find what kind of tax relief you are eligible for and we will help you obtain all the available one.
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