The recent economic recession has proved to be a wake up call for action from Florida tax relief professionals. The sudden downfall of the American economy has resulted in the mass filing of bankruptcy in every state across the country. While some people have opted for the option of personal bankruptcy, millions of others filed for bankruptcy due to financial mismanagement. This mass filing of bankruptcy is an attempt by creditors and other debt-holders to recuperate debts that have not been repaid for several months or years. The process of debt recovery in Florida is highly affected by the mass filing of bankruptcy, and many knowledgeable tax filers are now seeking professional help in their efforts to reduce their liabilities through the use of tax relief programs.
The recent string of hurricanes that has recently threatened Florida is a wake up call for its residents to seek out professional help in their efforts to reduce their liabilities and avoid being subjected to the domino effect of the massive number of lawsuits that result from large losses during large natural disasters. One Florida tax relief option that many taxpayers are using is the tax credit that is available for hurricane victims and property owners. The tax credits vary from insurance policies sold by Florida residents and are based on the amount of actual insurance costs incurred by the policyholder as compared to the actual cost of replacement of the policyholder’s insurance coverage. Those who own flood insurance policies are particularly encouraged to consult with their insurance agents to see how much their policies may cover for in the event of a hurricane. Because most Floridians deal with insurance issues on a daily basis, most individuals are aware of the maximum amount of coverage that their specific policies provide.
Florida corporate income tax lawyers and consultants can assist clients who are currently delinquent on their property taxes by working with their clients to find ways to bring delinquent payments current. They can also reduce a tax burden by making changes to an individual’s Florida tax return, or by advising clients on options that might be more helpful to their situation, such as the option to file for Allowable Use Credit (ATA). All of these options can add up to substantial savings for policyholders, so it is important that they take the time to discuss them with their Florida tax relief specialists.