Selling on eBay can be a profitable venture, whether you’re clearing out unwanted items from your home or running a full-scale business. However, figuring out the tax implications of eBay sales can be confusing, especially for those new to online selling. Here are some tax tips for eBay sellers to help you understand your tax […]
What is Schedule D?
When it comes to filing your annual tax return with the IRS, Form 1040 is the central document that captures your overall financial picture. If you have realized capital gains or losses from the sale of assets such as stocks, bonds, real estate, or other investments during the year, you’ll need to report these transactions […]
Ask Phil: What is the Best Way to Pay Off Your Taxes?
Today, Optima Tax Relief Lead Tax Attorney, Phil, gives his insights on the best way to pay off tax debt. Withhold the Correct Amount Ensure your employer withholds the correct amount of federal income tax from your paycheck based on your Form W-4. If you’re self-employed, be sure to use Form 1040-ES to make estimated […]
Optima Newsletter – August 2024
What Happens if I Default on My IRS Installment Agreement? Entering into an installment agreement with the IRS can provide you with a manageable way to pay off their tax liability over time. However, defaulting on an IRS installment agreement can lead to serious consequences. Here, we’ll review the potential repercussions and the steps you […]
How Home Equity Loans Affect Taxes
Home equity loans have long been a popular option for homeowners looking to access the value in their homes for various financial needs. These might come in the form of home renovations, debt consolidation, or unexpected expenses. However, the tax implications of home equity loans are often overlooked, yet they can have a significant impact […]