Arizona Tax Relief – How New Tax Relief Rules Affect You
If you live in Arizona, you should be aware of the new tax relief rules. The Arizona Department of Revenue will allow you to extend the deadlines for filing your income tax returns. The relief is similar to that provided by the IRS and will suspend all applicable penalties and interest. You can request a 60-day or a 30-day extension. If you make a payment during the extension period, your penalties and interest will be waived.Tampa tax relief company
When it comes to tax relief, it’s essential that you have a plan in place. Even if the IRS decides not to approve your request, there are still ways you can reduce your payments and still pay your taxes. For instance, the IRS has a special program for Arizona taxpayers called Offer in Compromise. However, it requires that you prove you’re suffering from financial hardship. Even if you qualify for this program, it is not a guarantee that your efforts will be successful. It is advisable to seek the help of a professional tax settlement company to assist you.
The Arizona tax reform plan also protects veterans and small businesses. It also prevents a 77.7% tax increase on small businesses, which comprise 99 percent of businesses in Arizona. Additionally, it will cut the property tax for small businesses by 10 percent. The homeowner’s rebate will increase to cover half of the primary property tax bill. Finally, the new tax plan will not affect K-12 education funding.