When it comes to filing your annual tax return with the IRS, Form 1040 is the central document that captures your overall financial picture. If you have realized capital gains or losses from the sale of assets such as stocks, bonds, real estate, or other investments during the year, you’ll need to report these transactions […]
Article from August 2024
Ask Phil: What is the Best Way to Pay Off Your Taxes?
Today, Optima Tax Relief Lead Tax Attorney, Phil, gives his insights on the best way to pay off tax debt. Withhold the Correct Amount Ensure your employer withholds the correct amount of federal income tax from your paycheck based on your Form W-4. If you’re self-employed, be sure to use Form 1040-ES to make estimated […]
Optima Newsletter – August 2024
What Happens if I Default on My IRS Installment Agreement? Entering into an installment agreement with the IRS can provide you with a manageable way to pay off their tax liability over time. However, defaulting on an IRS installment agreement can lead to serious consequences. Here, we’ll review the potential repercussions and the steps you […]