There are numerous tax relief schemes currently available to qualified Arizona citizens who might be experiencing serious financial strain due to their past tax liabilities. If you are one of such citizens who have been recently victimized by a harsh tax circumstance (e.g., have you been ordered to repay taxes, have your home seized or otherwise facing financial difficulties), there are several tax relief options now available to you. One such program is the installment agreement, which allows you to settle your outstanding balance with the IRS in small monthly installments. You would start off with an offer that is less than what you actually owe on your taxes and gradually work your way up to an acceptable level of payment.
Another option for Arizona tax relief is to get tax-credit debt consolidation. This basically means that you take out a loan with a private lender to pay off all the debts that you might have acquired over the years. The loans are secured and thus your home serves as security against the loan that you get from a private lender, so if you fail to make your payments on time, the lender may take away your home. So this option not only gives you a way out from your financial crisis but also helps you keep from losing your house.
Finally, the most interesting Arizona tax relief scheme that is being looked into right now is the so-called business opportunity tax credit. Business opportunities are considered as special types of income for Arizona taxpayers. They are able to avail of the tax relief schemes that are offered to them if they apply by the end of the year 2021. The scheme will give an individual or a company the option of either getting a permanent income or getting a credit for their investment in the business. This credit is usually equivalent to one to twenty percent of a person`s annual income.