Tax Relief in ArizonaTax Relief in Arizona
If you are looking for tax relief in Arizona, you’ve come to the right place. The Arizona Department of Revenue is offering a variety of tax relief options for residents of the state. These include an extension of deadlines and tax breaks. As long as the payments are made during the extended time period, you can avoid paying penalties and interest.
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The Arizona Department of Revenue collects taxes on behalf of the state. It functions much like the IRS and offers similar solutions for tax payers. However, you must be able to prove that your circumstances have made it impossible for you to pay your taxes in full. Fortunately, you can hire a professional tax settlement company to represent you and negotiate for a tax relief plan that works for you.
Arizona is now required to follow federal tax reform. The changes could prove to be a major problem for small businesses in the state. If Arizona does not act, its residents could be on the hook for higher taxes. Additionally, if it does not reform its tax code, Arizona will be forced to compete with states that have already benefited from the federal windfall. According to Jonathan Williams, vice president of the Center for State Fiscal Reform, if Arizona does not get tax reform soon, it may lag behind other states in its competitive region.
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Arizona taxpayers can also claim a tax credit for donations to qualifying charities and nonprofits. This tax credit will replace a portion of their state income tax liability up to a certain limit. This tax credit allows individuals to make a positive impact on the lives of children and families throughout the state.