Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, answers a common Reddit question: “Can I skip paying my taxes this year?” Technically, paying your taxes is a completely voluntary act. However, skipping your taxes is never a good idea. Penalty and Interest Risks The IRS can assess penalties for both failing to file your tax return and failing to pay taxes owed by the […]
Tax Deductions for Small Businesses
Small businesses are the backbone of any economy, and entrepreneurs often face numerous challenges in managing their finances. One area where small business owners can find relief is through strategic tax planning and taking advantage of available tax deductions. These deductions can significantly reduce taxable income and free up capital for reinvestment or expansion. In this guide, we’ll explore the most […]
Why Was My Offer in Compromise Rejected?
Facing tax debt can be overwhelming, and the IRS offers several programs to help taxpayers settle their liabilities. One of the most effective tools is an Offer in Compromise (OIC), a legal agreement that allows taxpayers to pay less than the full amount owed. But not every OIC gets accepted. If your offer in compromise was rejected, it’s crucial to […]
How to File Back Taxes with Missing W-2s or 1099s
Filing back taxes can already be stressful but doing it when you’re missing W-2s or 1099s adds another layer of complexity. The IRS still requires an accurate return even if documents are late, lost, or never provided. Fortunately, there is a clear process to follow. This guide explains what to do step-by-step, how to request missing forms, what your filing options are, and […]
What is Audit Reconsideration?
When the IRS completes an audit and assesses additional tax, penalties, or interest, many taxpayers feel trapped by the results, especially if they missed deadlines or didn’t have the documents needed during the audit. Fortunately, the IRS offers a remedy called audit reconsideration, which allows taxpayers to challenge the outcome of a completed audit without going through Appeals or Tax […]