Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about a popular giving season topic: gift taxes. Did you know gifting can sometimes lead to taxes owed? It’s the season of gifting, making things like real estate, cars, money, and almost everything else with monetary value subject to tax. The gift tax is a […]
Ask Phil: Important 1099-K Update for Small Businesses
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses an important tax update for small businesses and self-employed individuals coming in 2025. If you receive payments through platforms like PayPal, Venmo, Shopify, Etsy, or other payment services, you will receive a 1099-K form for tax reporting purposes. Form 1099-K report payments made to merchants and […]
Ask Phil: Should I Itemize or Take the Standard Deduction?
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses a hot topic: itemized deductions vs. standard deduction. Which is better for you? Deciding whether to itemize deductions or take the standard deduction depends on your specific financial situation. For the 2024 tax year, the standard deduction amounts are: You may benefit from itemizing if your […]
Ask Phil: What is IRS Form 1040-X?
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses IRS Form 1040-X, Amended U.S. Individual Income Tax Return. Many taxpayers wonder what they should do if they made an error on their tax returns. Maybe you filed under the wrong status or received another 1099 after you filed your taxes. Perhaps you forgot to claim […]
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 […]
Ask Phil: 3 Things the IRS Will Never Do
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses 3 things the IRS will never do. These items are crucial to avoid growing tax scams. The IRS Will Never Threaten You with Law Enforcement The IRS does not use scare tactics like threatening taxpayers with arrest, deportation, or police involvement to collect taxes. Legitimate communications […]