There are several tax relief programs now available to residents of Arizona who might be suffering financial stress due to their past tax liabilities. If you have been recently victimized by a severe tax situation (i.e.,have your home foreclosed,have your car repossessed,been ordered to repay taxes,etc.)),there are several tax relief opportunities available to you. One such program is called an Offer in Compromise and it allows you to settle your debts with the IRS for less than what you owe.Tax Assistance in Miami

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When you qualify for an Offer in Compromise,the IRS will agree to accept a lesser total amount to settle your tax debts than what you actually owe. In Arizona,you are considered to be under financial hardship if you meet the income guidelines established by the IRS. In order to qualify for an Offer in Compromise,you must have a realistic expectation of paying back your debt on or before a specific time period. You must also provide the IRS with a written statement that describes your income,your expenses,your financial problems,and any other information that will allow the agency to determine whether you are eligible for an Offer in Compromise. Offer in Compromise will not reduce your tax debts to more than half of the amount you actually owe,but it can save you from a potentially embarrassing and financially detrimental tax hearing with the IRS.

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Learn More About Reducing Your Tax

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If you cannot meet the income guidelines or you believe you may not be eligible for an Offer in Compromise,you may want to consider hiring a tax lawyer or a Phoenix tax firm to represent you before the IRS. You may also want to contact a local business council or economic development group in your area to discuss ways you can increase your tax liability to reduce your liability to the IRS. 

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What is an IVA?

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If you want to take a new loan and have a poor credit history,an IVA could be the solution. Although IVAs can be risky,they can help you rebuild your credit and get the loan you need. It can be difficult to find a bank that will offer you a good rate of interest if you have bad credit. Therefore,it is vital to get advice before taking out a new loan. Otherwise,you may end up being bankrupt and losing your home.

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In order for an Individual Voluntary Arrangement to be approved,your creditors must accept your proposal. This means that 75% of your creditors (by value) need to accept it. If not,the creditors owed the most can vote against it. This means you will likely have to haggle with your creditors to get the terms you want. For example,they may want you to pay more every month,include assets,or make payments over a longer period.

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While you can still operate your business while you’re in an IVA,you may be asked to release some of your equity. However,this doesn’t mean you have to sell your home. It’s important to remember that your IP will check to make sure that you have enough equity to repay your debts in full. In some cases,your IP will ask you to remortgage your property in order to release some equity from it.

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While an IVA can be a very attractive proposition for those with financial problems,it is vital to understand all the risks involved. Before deciding to enter into a legally-binding agreement with your creditors,it’s best to talk to a debt charity. These organizations can provide you with valuable money advice and information about repaying your debts.

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In the UK,an Individual Voluntary Arrangement (IVA) is a legal agreement between you and your creditors that allows you to consolidate multiple debt payments. The arrangement also protects your assets from any legal action. Typically,an IVA lasts for five years,after which your debts will be written off as paid in full.

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Once you’ve been enrolled in an IVA,your details and your plan will be published on the Individual Insolvency Register. This information is published for three months following the completion of the IVA and for six years afterwards. You will have to notify your Insolvency Practitioner of any changes to your financial circumstances if you wish to continue.

If you find yourself in need of tax relief,you may want to seek the advice of an experienced tax attorney or tax accountant. These professionals have the experience necessary to assist you with navigating through the confusing waters of Arizona tax laws and regulations. They also know where you stand financially to make sure that any tax relief you are seeking is effective and appropriate.Tax Assistance in Phoenix

Generally,there are many tax relief programs available to qualified taxpayers in Arizona. Arizona tax laws tend to be very complicated and tends to vary very often,so only an experienced,knowledgeable person who is well familiar with all of the Arizona state tax laws would be best suited to assist you throughout your search for tax relief. The majority of citizens in Arizona pay their taxes in full,and on time,but not everyone is aware of the deductions they are entitled to. In addition,some taxpayers mistakenly believe that filing joint tax returns will automatically get them most if not all of the tax breaks available to them,but this is not always the case. You should consult with a certified public accountant or tax lawyer who has the appropriate training to guide you through your Arizona tax relief search. Only a knowledgeable and licensed professional who knows your specific situation,including all the relevant facts,will be able to give you sound tax advice that satisfies your particular tax needs.

Get Relief from Taxes Now

Understanding the federal tax laws can also prove to be a valuable asset when it comes to seeking out and applying for a state-tax relief program. When taxpayers in Arizona realize that they may have eligible federal tax relief options,they should consult an experienced financial consultant who is familiar with the Arizona tax law. This is not a hard and fast rule. There are a number of successful cases in which motivated and informed taxpayers have utilized Arizona tax relief programs to their full advantage,while there are many other examples of taxpayers who were denied benefits because they made common mistakes when filing their federal tax return. The right Arizona tax relief program can help you resolve some of your fiscal problems while maximizing the amount of money you can save or invest.

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