Florida is considered one of the top retirement destinations in the U.S.A. There are many reasons why retirees choose Florida for their retirement, including its world class beaches and excellent health care and amenities. However, retirees need to make tax debt a consideration when moving into retirement, or as they begin receiving benefits. There are many Florida tax relief programs available for senior citizens that have accumulated tax debt, and are in need of help with their payments.Learn More About Reducing Your Tax
Florida residents who are over the age of 65 and are receiving some or all of their regular Social Security income must pay Florida income tax on any excess income they receive from work. The Florida Franchise Tax Credit ensures that this condition does not occur for most Florida residents who wish to invest in franchises in other states. If you qualify, the Florida Franchise Tax Credit reduces your Florida income tax by 50 percent. This means that you could pocket an additional five thousand dollars in tax rebates alone. There are also many other Florida tax relief programs available to help the self-employed, business owners, and home owners, including educational tax credits, investment tax credits, and even tangible personal assets tax credit.
If you need assistance with your Florida tax debt, you may contact a local tax consultant for further information and assistance. Most consultants can give you detailed descriptions of the various programs Florida has to offer, as well as the exact ways that each program works to reduce or eliminate your Florida tax debt. You will also be provided with the correct forms to fill out, and the corresponding documents to send to Florida tax relief programs. Remember, if you need help with your Florida tax debt, contact a tax consultant for a free consultation. Your tax dollars go a long way towards having you keep your hard earned money in your own pockets!