For people overwhelmed by IRS balances, wage garnishments, and mounting penalties, one of the most common questions is: does bankruptcy clear tax debt? While bankruptcy is widely known for eliminating credit card balances, medical bills, and certain personal loans, tax debt operates under a different set of rules. In some cases, older income tax debts can be wiped out entirely. In others, the […]
What is IRS Form 1040?
IRS Form 1040 is the standard U.S. individual income tax return used by taxpayers to report income, claim credits and deductions, and calculate their tax liability or refund. It is the primary document the Internal Revenue Service (IRS) uses to determine whether a taxpayer owes taxes or qualifies for a refund. For most taxpayers, whether you are […]
Optima Newsletter-December
10 Warning Signs of Tax Identity Theft You Shouldn’t Ignore Tax identity theft is one of the fastest-growing forms of fraud, and most victims don’t realize anything is wrong until the IRS rejects their tax return or sends a notice about income they never earned. Because scammers often strike early in the filing season, your […]
Ask Phil: Can I Skip Paying My Taxes This Year?
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 […]