Tax Relief
Candlefocus EditorTax deductions are one of the most common forms of tax relief. Tax deductions reduce your taxable income, thereby reducing the amount of taxes you owe. Deductions can be taken for a wide variety of items, including home mortgage interest, charitable contributions, state and local taxes, and medical expenses.
Tax credits are another form of tax relief. Unlike deductions, which reduce your taxable income, tax credits directly lower your tax bill. A variety of credits are available to individuals and businesses, including the Earned Income Credit, Child and Dependent Care Credit, and Premium Tax Credit.
The IRS Fresh Start Program is another form of tax relief helping individuals and businesses resolve outstanding back taxes and avoid tax liens. Through the program, the IRS offers extended payment plans, reduced penalties, and other forms of relief.
If you a are facing a significant tax burden, it is important to take advantage of any available tax relief. Doing so may help to lower your tax bill or settle tax-related debts. It is important to understand the available tax relief options and work with an experienced tax professional to maximize your savings.