The Florida tax relief system is in the midst of something of a renaissance. After all,we were just a little over a decade ago when the George Bush administration decided to open up one of the most unproductive tax havens in the world,the Bahamas. Because of this,we lost an incredible amount of business and jobs in the state and suffered a severe economic backlash as a result. But things are looking much better these days in the Sunshine State,at least when it comes to abatement and penalty abatement. Business owners can now benefit from the IRS by claiming back taxes owed,claiming penalty abatement,and claiming interests paid off.Learn More About Reducing Your Tax
The first thing to understand about the new,simplified process for filing a return is that you must file your return with the Florida Department of Revenue by the actual due date of your return. If you do not file this return,then the state will automatically assume that you have already claimed all of the tax credits,rebates,and state income tax payments that you are legally entitled to. As a result,the refund request must be filed with the Florida Department of Revenue within two weeks of the filing of your original return. The tax issues that you face will be completely different when you file your return electronically as opposed to filing by mail.
Another great option that many filers are taking is to claim penalty abatement and back taxes owed on their Florida corporate income tax returns. What exactly is penalty abatement? Simply put,this is an opportunity for Florida taxpayers to wipe out their Florida corporate income tax liability by claiming an amount equal to the balance of the penalty abatement. This means that if you owe Florida property taxes,but no corporate income tax,you can reclaim the same amount of property tax through claiming a penalty abatement,which is a refund of the difference between the Florida property tax that you actually owe and the amount of excess tax that you can claim for a tax lien reduction or an expatriation exemption.