If you’re a new business owner and are feeling overwhelmed by the prospects of paying too many taxes, it might be because there are so many different types of taxes for which to account.
In 2015, Senate Bill 107 expanded the Illinois Disabled Veterans Property Tax Exemption. Beginning in taxable year 2015, which is payable in 2016, veterans with a service-connected disability rating of at least 30% can apply to have their dwelling's assessed value reduced. The amount of the reduction/exemption depends on the level of disability.
If you have outstanding tax liability with the IRS that you are unable to pay, you have several options to either reduce the amount of debt or negotiate a payment plan with the IRS. These include (1) a conventional Installment Agreement; (2) a Partial Payment Installment Agreement; (3) an Offer in Compromise; and (4) Bankruptcy. This article will flesh out each of these options and help you determine which option is most appropriate for you.
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