While you may not have heard of the term “imputed income,” chances are that you might be receiving it from an employer. Imputed income is essentially non-cash goods or services that you receive from your employer as a form of income. It’s important to know how much you receive because it is taxable, which means […]
Articles by Elyssa Carlos
Are Child Support Payments Taxable?
Child support payments serve as a critical lifeline for families post-divorce or separation, ensuring that children’s needs are met. Amidst the complexities of family law and taxation, one common question arises: Are child support payments taxable? In this article, we’ll answer this question, providing clarity on the tax treatment of child support payments and offering […]
What To Do If You Receive IRS Notice CP11
Receiving a notice from the IRS can be a traumatic experience, especially if you’re not sure what it means or how to respond. One common notice taxpayers receive is CP11, which typically informs recipients about changes made to their tax return resulting in a refund being adjusted. Understanding what to do when you receive CP11 […]
Optima Tax Relief Bolsters IRS-Sponsored VITA Program Throughout the Community
Optima Tax Relief, the nation’s leading tax resolution firm, is proud to announce its support for the IRS-sponsored Volunteer Income Tax Assistance (VITA) Program through volunteerism. This grant program aims to empower individuals and families by providing free tax preparation services to those with moderate incomes, as well as senior citizens, persons with disabilities, and […]
Optima Newsletter – May 2024
Do You Pay Taxes on Lawsuit Settlements? When individuals or businesses are involved in legal disputes that result in settlements or judgments in their favor, one common question arises. Do you pay taxes on lawsuit settlements? The answer to this question can vary depending on the nature of the lawsuit, the type of damages awarded, […]