Lighten Your Tax Burdens
By: Alena Smith | Posted: 07th February 2011
You toil all day long to give your family a good life, to provide them a good home, and to give your children a good education. You work as much as you can to make enough money to provide all of the things your family needs. Yet, you find yourself in a situation where your money is reduced when various taxes are imposed on your income, or your property. On the other hand, after building a good home, a storm hits your town and you find all the work you’ve done gone in an instant. What can you do?
These are some of the main reasons why the U.S. government passed the Tax Relief Act of 1997 and the Disaster Relief Act of 2008. The Tax Relief Act, simply put, is legislation passed by the U.S. Congress to aid taxpayers with their taxes. It gives them a chance to reduce taxes imposed on different kinds of expenses like property, or damages, due to a natural disaster. Tax relief refers to tax breaks and write-offs that reduce the amount of tax due and can be granted on a local, state, or federal level.
One of the most well-known forms of tax relief is disaster relief. This type of tax relief is given to victims of disasters who have lost their properties; usually due to hurricanes or storms. One of the main criterions for this type of tax relief is that the President must declare the area a disaster area. If declared as such, residents of the disaster area may claim tax relief for their lost property.
Don’t worry. You do not need to be a victim of a natural disaster to qualify for other types of tax relief. There are other kinds of tax relief such as property tax relief, state tax relief and tax debt relief. Property tax relief are deductions or write-offs that are usually for homeowners who build or buy a property. Some states also include individuals who rent a place whether for residential or business purposes. Different states have varying types of tax relief programs. The tax debt relief, on the other hand, is given to those with tax debts who cannot pay their back taxes. The tax debt incurred may be adjusted in such a way that the individual can pay his back taxes realistically.
For any type of tax relief, there are many different requirements that an individual must meet. Often, the government will review an individual’s financial capability to see if the individual qualifies for the tax relief for which they’ve applied. If qualified, an assessment of their financial capability helps gauge the amount of relief to award.
If you think that you may qualify for tax relief, and you need help, contact your local government to see what they can offer. It is always wise to check with your local government, as again, states can offer tax relief in addition to the Federal government.
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Tags: good education, enough money, natural disaster, criterions, different kinds, business purposes, hurricanes, debt relief, tax breaks, storms, tax debt, back taxes, tax debts