During the past five years, more than 30 states have reduced their tax burdens significantly. While Arizona has yet to make any corresponding changes to state tax relief, its lawmakers must decide on the next steps.tax relief service
The IRS and the Arizona Department of Revenue have created special programs to help taxpayers cut their state income taxes. While the state hasn’t made any major policy changes, the TCJA has provided the aforementioned state tax relief and more.
tax debt relief attorneys in Tucson
The Arizona Job Creation Tax Credit is available to companies creating at least net new qualifying jobs. The tax credit is worth $3,000 per qualified employment position, and is valid for three full taxable years of continuous employment.
The Low-Income Housing Tax Credit (LIHTC) is a federal program that encourages private capital investment in rental housing. It offsets investor federal income tax liability and is part of the IRC Section 42 Program.
-
The Arizona Charitable Tax Credit is another great way to reduce your state taxes. The tax credit is worth a dollar for a dollar donation to qualifying charities.
-
The best way to find out which tax relief scheme is best for you is to compare the various schemes to determine which is right for you. A professional Arizona tax settlement company can provide you with all the necessary information.
-
In addition to the most popular tax relief schemes, the Arizona Department of Revenue has a special program to assist Arizona residents who are struggling to pay their taxes in full. This program offers similar solutions to the IRS, and is a great place to turn if you are facing financial hardship and are unable to pay your taxes in full.
-