Tax problems can result in serious long-term financial issues if you don’t take the time to address them right away. Our team can help you turn your situation around and resolve your tax problems now, so that you won’t have to face a future of uncertainty.
Tax Expertise for All Situations
Our team at Levy & Associates has a proven track record of success in handling various tax matters. Our staff consists of CPAs, attorneys, enrolled agents, and former IRS revenue officers. Our on-staff professionals have been helping people like you receive IRS help since the 1960s.
Texas Tax Laws
Texas is one of just a few states in the country that does not have a personal income tax. This makes it a popular place to live for people of all ages—especially seniors. Since Texas does not levy a personal income tax, the majority of the state’s revenue derives from sales tax.
Additionally, the state of Texas does not have a property tax. However, property tax is still collected by the city, county, or school district in your jurisdiction.
Overall, Texas tax laws are some of the most favorable in the nation. The state consistently ranks as one of the places in the United States with the lowest average tax burden. In fact, the average tax burden in Texas is under eight percent. The only states that are statistically more tax-friendly are Wyoming, South Dakota, Alaska, and Tennessee.
While the state does not require an individual income tax, there is a franchise tax. Regardless, the franchise tax is low at .375 percent on most retailers and wholesalers in 2019. The tax rate is slightly higher for non-exempt businesses.
Secondly, there is a privilege tax that is applied to business enterprises that exceed $1.13 million per year in earnings. For the most part, sole proprietorships and some general partnerships are exempt from the privilege tax.
Texas no longer supports an inheritance tax after the matter was repealed in 2015. Furthermore, the state does not enforce an estate tax. The one exception is estates that are valued at more than $11.4 million.
Lastly, there are several property tax exemptions that may assist or exempt your property from local or county taxes. Overall, the state does not apply a property tax to residences.
Dallas Texas Tax Relief
Fortunately, Texas is one of the friendliest states to live in terms of taxes. You have a fair amount of “wiggle room,” as Texas does not require personal income tax, property tax, or estate tax.
However, you still need to pay local taxes on your property, and businesses are subject to the franchise tax and privilege tax.
Do you need Texas tax relief? Levy & Associates has worked with countless operations in the state to assist with their taxes. We’ll work to reduce your tax burden and help you choose the best option available.
In general, Texas has one of the lowest tax burdens in the country, which can also provide ways to reduce what you owe in back taxes. Contact one of our friendly associates today for a free consultation!
Tax Repayment Solutions
If you owe money to the IRS, it’s easy to feel overwhelmed by the situation—particularly if you don’t have the money set aside to pay off the full amount. When this occurs, it is important to be proactive. If you don’t act quickly, you could incur costly late fees and a higher interest rate on your balance, which means you will lose even more money in the future.
In addition, if you neglect to take action, the IRS will. They can place a tax lien against your property, garnish your wages, or even place a levy on your bank account. Not only will this hurt your credit, but it could also prevent you from selling your property. In the event of a bank levy or wage garnishment, it can severely deplete your finances. This is why speaking with our Dallas tax professionals can help you explore the best option for your situation.
Our tax resolution services can give you the confidence you need to solve these stressful tax problems. However, it is vital to take that first step—the longer you wait, the more severe the penalties can be, resulting in the loss of more income.
We are available to promptly answer any questions you have via phone or email seven days a week. When you communicate with our staff, be certain to schedule your free consultation where we can learn more about your situation and offer the most relevant Dallas tax relief solutions. This consultation can be the first step in helping you solve your tax problems.
Texas Audit Defense
Are you getting audited by the federal or state government? Get the right Texas audit defense on your side with Levy & Associates. We are proud to support individuals and small businesses that are facing opposition from the IRS.
Audits are time-consuming and demanding, not to mention stressful and emotionally exhausting. You may experience unwanted stress or worry as you try to settle a matter that sometimes takes a year or more to resolve. It’s important to remember that an audit does not necessarily implicate you; rather, it is usually tied to the IRS needing additional information to clarify your tax return.
Our audit defense will represent you and get you back on the right track. We are proud to support clients of all sizes, from corporations to individual taxpayers.
Texas Tax Settlement
Having trouble paying back taxes? You’re not alone, by any means. The coronavirus pandemic alone has placed an extra burden on families attempting to pay off debt. It’s emotionally devastating when you must decide between putting food on the table or paying off debt. Fortunately, the IRS is willing to work with taxpayers in many situations.
We can help negotiate an Offer in Compromise (OIC) or installment payment plan to resolve the tax debt over time without putting more stress on your plate. Contact us today for more information!
Texas Lien & Levy Help
When a lien or levy is placed on your assets, you need an expert defense team on your side—one that can help you evaluate your options and choose the best course of action. Levy & Associates is familiar with navigating the inherent struggles of tax levies and liens.
A tax lien puts a hold on your property, which prevents you from selling it until the tax debt is resolved. On the other hand, a tax levy means that the government may seize and sell your personal assets. If you’re facing either of these penalties, time is of the essence.
Avoid losing your car, home, or business by contacting Levy & Associates today. We are available for free consultations with absolutely no commitment. Rest assured that we will work closely and tirelessly with you to help reach your end goals and settle back taxes.
You don’t deserve to lose your personal property. There are other ways to settle tax debt aside from ignoring the threatening letters from the Internal Revenue Service. Levy & Associates is available by phone at 800-TAX-LEVY and online. Don’t hesitate to contact us.