Political donations are a vital part of democratic systems, empowering individuals to support their preferred candidates, parties, and causes. As Election Day approaches, people often wonder whether their contributions to political campaigns, committees, or candidates can be deducted on their tax returns. This question arises frequently, especially in the context of other charitable donations, which […]
Article from October 2024
How to Stop an IRS Levy
An IRS levy is one of the most severe collection actions the IRS can take against a taxpayer who owes back taxes. Unlike a lien, which is a legal claim against your property, a levy actually allows the IRS to seize your assets to satisfy your tax debt. These can include wages, bank accounts, and […]
Ask Phil: Will Hiring Optima Tax Relief Affect Your Credit Score?
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a burning question: “Will hiring Optima Tax Relief affect your credit score?” The short answer is no. Hiring Optima Tax Relief does not directly affect your credit score. However, there are a few ways the process could impact your credit indirectly. If you don’t pay your […]
The IRS Filed a Substitute for Return. Now What?
One of the most significant obligations U.S. taxpayers have is to file an annual federal tax return. However, life gets busy, and sometimes individuals either forget or deliberately neglect to file. When this happens, the IRS doesn’t simply forget about it. Instead, they may take matters into their own hands by filing a “Substitute for […]
How to Earn Money as an IRS Whistleblower
The IRS Whistleblower Program is an initiative that rewards individuals who report tax noncompliance to the IRS, potentially leading to significant monetary awards. If you are aware of tax evasion or fraud, you may be eligible to earn a percentage of the proceeds recovered from the offender. This guide will explore how you can earn […]