Figuring out taxes in retirement can be challenging, but understanding available tax deductions can significantly impact your financial health. Senior citizens have access to a variety of tax benefits and deductions that can help reduce taxable income and enhance savings. Here’s a comprehensive guide to the key tax deductions and credits available to senior citizens. […]
Articles by Elyssa Carlos
What is the Foreign Tax Credit?
As globalization continues to connect economies and individuals around the world, many U.S. taxpayers find themselves earning income in foreign countries. This income often comes with the obligation to pay foreign taxes, leading to a complex situation where individuals and businesses may face double taxation. Double taxation is when a taxpayer pays taxes on the […]
What is Schedule B?
When filing U.S. federal income tax, taxpayers often encounter several forms and schedules that must be completed to accurately report their financial activities. One such form is Schedule B, which is used to report interest and ordinary dividends. Understanding this form is crucial for taxpayers with investment income to ensure compliance with tax laws and […]
What is the Federal Disaster Tax Relief Act?
The Federal Disaster Tax Relief Act is a legislative measure proposed by the U.S. Congress to provide tax relief and assistance to individuals and businesses affected by natural disasters. This Act is part of a broader effort by the federal government to alleviate the financial burden on those impacted by disasters such as hurricanes, wildfires, […]
Ask Phil: What is an OIC Mill?
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses OIC mills, including what they are and how to avoid being victimized by them. What is an OIC? An Offer in Compromise (OIC) is a program offered by the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. This […]