Life can be challenging when facing both financial difficulties and health issues. Many taxpayers ask themselves, “Can I get disability if I owe back taxes?” For individuals experiencing a debilitating condition while also owing back taxes, the situation can seem overwhelming. However, it’s essential to know that there are options available to help ease the […]
Articles from July 2023
Ask Phil: Tax Forms
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses the most common tax forms every taxpayer should know about. Tax Form 1040 or 1040-X The well-known U.S. Individual Income Tax Return, Form 1040 is what you will use to report both your income and deductions to determine your tax liability every tax year. Form […]
What’s Going on with Social Security?
Social Security, a cornerstone of America’s safety net, has been providing financial support to millions of retirees, disabled individuals, and surviving family members for decades. However, as our society undergoes demographic shifts and economic challenges, it has become increasingly evident that the current system requires substantial reform to remain viable for future generations. So, what’s […]
What is a W-9 Form?
Whether you are a small business owner hiring independent contractors or a freelancer seeking work opportunities, the W-9 form plays a crucial role in the world of taxes. The IRS uses this form to gather essential information about independent contractors, consultants, and freelancers who provide services to businesses. In this article, we will delve into […]
Are Canceled Liabilities Taxable?
Dealing with debt can be a stressful and overwhelming experience. Imagine, though, finally having a weight lifted off your shoulders when a creditor cancels or forgives a portion of your outstanding debt. While the relief might be immense, it’s essential to understand that canceled debt can have significant tax implications. Many individuals are unaware that […]