Owing back taxes is a stressful situation for many Americans. Therefore, understanding the potential consequences is crucial. One common concern is whether the IRS can seize your 401(k) retirement savings to satisfy unpaid tax liabilities. Here’s what you need to know about if the IRS can take your 401(k). Understanding the IRS’s Authority The IRS […]
Article from May 2024
Ask Phil: What is the Child Tax Credit?
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about the Child Tax Credit, breaking down what it is and who qualifies. What is the Child Tax Credit? The child tax credit is a tax benefit provided by the IRS to parents or guardians who have dependent children. It’s designed to help offset the costs […]
What is the Single’s Tax?
Living alone can be liberating, offering independence and autonomy. However, it often comes with a financial burden dubbed the “singles tax.” This term refers to the additional costs incurred by individuals who choose to live independently, without the financial support or cost-sharing benefits that come with living with a partner or family. Here we’ll break […]
Someone Filed a Fraudulent Tax Return in My Name. Now What?
Tax season can already be stressful without the added burden of discovering that someone has filed a fraudulent tax return using your identity. Unfortunately, tax-related identity theft is a real concern in today’s digital world. If you suspect or discover that someone has filed a fraudulent tax return in your name, take immediate action. Here […]
IRS Announces Interest Rates for Q3 of 2024
The IRS has announced that interest rates for the third quarter of 2024 will remain consistent with the previous quarter. This decision comes amidst ongoing economic evaluations and reflects the IRS’s commitment to stability in the financial landscape. Here’s an overview of the IRS interest rates for Q3 of 2024. What Are the 2024 Q3 […]