Receiving correspondence from the IRS can be an intimidating experience for many taxpayers. Notices like CP75 or CP75A often raise concerns and questions about one’s tax situation. However, understanding what these notices entail and how to respond to them can alleviate anxiety and ensure a smoother resolution. In this guide, we’ll explore what Notice CP75 […]
What is the Bad Debt Deduction?
In the realm of business finance, debt is often seen as a double-edged sword. While it can provide necessary capital for growth and expansion, it also comes with the risk of non-payment, leading to bad debts. However, there is a silver lining for businesses facing bad debts in the form of the bad debt deduction. […]
What Happens If You Don’t File Your Taxes?
The April 18th tax deadline passed, and you did not file your tax return. Now what? First, don’t panic. Not everyone needs to file a tax return. Typically, if you earn less than the standard deduction associated with your filing status, you do not need to file a return. However, if you did not file […]
Optima Newsletter – February 2024
Can the IRS Take My Pension? The IRS is responsible for collecting taxes to fund government operations. While the IRS has various tools at its disposal to ensure tax compliance, there are limitations on what assets it can seize. One question that often arises is whether the IRS has the authority to take pensions. In […]
Hoping for the Child Tax Credit? Don’t Wait to File
In a recent update, the U.S. House of Representatives has approved a bill that has the potential to grant families significant tax benefits. The aim is to strengthen tax breaks, offering substantial financial support to American households and leading to significant savings. Among the many items addressed in the bill is the expansion of the […]