Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, breaks down one of the most common tax questions taxpayers face: Should you itemize your deductions or take the standard deduction? The answer depends on your individual financial situation and whether your eligible expenses exceed the standard deduction amount. Start with the Standard Deduction Before […]
Ask Phil: Does IRS Form 9297 Mean? The Revenue Officer Letter You Shouldn’t Ignore
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, breaks down IRS Form 9297, Summary of Taxpayer Contact, and what it means if you receive one in the mail. While this notice may sound intimidating, understanding what it is—and what it isn’t—can help you take the right next steps. The Bad News: You’ve Been Assigned a […]
Ask Phil: Where’s My Refund?
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, answers one of the most common questions taxpayers ask every year: “Where’s my refund?” The answer depends on how you chose to receive it. Direct Deposit vs. Paper Check The first thing to consider is whether you requested your refund by direct deposit or paper check. […]
Ask Phil: What’s “on TAP” For Taxpayers?
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, explains what’s “On TAP” for taxpayers this year—and no, he’s not talking about drinks. TAP stands for the Taxpayer Advocacy Panel, a Federal Advisory Committee to the Internal Revenue Service (IRS), that serves as the voice of taxpayers by providing recommendations to improve the IRS experience. This year, […]
Ask Phil: 3 Common Tax Habits a Tax Attorney Avoids
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, shares three things he would never do as a taxpayer-and one thing he always makes sure to do every tax season. Don’t Trust Guaranteed Refund Promises If you’re hiring someone to prepare your taxes, it’s important to avoid anyone who guarantees the biggest refund. No legitimate tax professional can […]
Ask Phil: How a CP2000 Notice Can Delay Your IRS Tax Resolution
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, shares his least favorite IRS notice—and surprisingly, it’s not the final levy notice many taxpayers fear. Instead, it’s the CP2000 notice. What Is a CP2000 Notice? A CP2000 notice is sent when the IRS believes you failed to report all of your income on your tax return. This usually happens when the income reported […]