Schedule K-1 is a crucial tax form for anyone involved in partnerships, S corporations, or certain trusts and estates. Traditional tax forms, like the W-2 or 1099, report income directly to individual taxpayers. However, Schedule K-1 reports a taxpayer’s share of income, deductions, and credits from pass-through entities. Understanding how this form works and the […]
Article from October 2025
Tax Deductions for Gen Z, Millennials, and Boomers
Understanding which tax deductions you qualify for can significantly reduce your taxable income, increase refunds, and improve your overall financial strategy. However, the types of deductions that make sense often depend on your generation and life stage. From student loans and side hustles for Gen Z to homeownership and retirement contributions for Millennials, and age-specific […]
Zelle and Taxes: Does Zelle Report to the IRS?
Zelle has become one of the most popular ways to send and receive money instantly, with millions of users transferring funds directly between bank accounts each day. But as tax season approaches, one common question arises: Does Zelle report your transactions to the IRS? While other peer-to-peer payment apps like PayPal and Venmo are subject […]
Choosing the Right IRS Payment Plan: Full Payment, CNC, or Installments | Optima Tax Relief
Wondering whether it’s better to pay your taxes in full or set up a payment plan? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain which repayment options you may qualify for, how penalties and interest impact your total debt, and the steps you can take to resolve your tax […]
Estimated Tax Payments: What Happens If You Miss a Quarter
If you earn income that isn’t automatically taxed through payroll withholding, like freelance work, consulting, investments, or small business profits, you’re expected to make estimated tax payments four times a year. These quarterly payments help you stay current with the IRS so you don’t end up with a surprise bill and penalties at tax time. […]