Roth Individual Retirement Accounts (IRAs) are popular investment vehicles that offer tax advantages for retirement savings. However, it’s crucial for account holders to be aware of Roth IRA penalties to make informed financial decisions. This article will explore the various penalties associated with Roth IRAs, helping readers navigate the potential issues and optimize their retirement […]
How Freelancers Can Avoid Surprising Tax Bills
The allure of freelancing lies in its flexibility and independence, allowing individuals to pursue their passions while managing their own time. However, freelancers often find themselves grappling with financial complexities, particularly when it comes to taxes. One of the most dreaded scenarios is receiving an unexpected tax bill. In this article, we’ll explore practical strategies […]
Optima Tax Relief Celebrates 14 Years of Service: A Legacy of Taxpayer Advocacy and Impact
Over 100,000 Tax Problems Resolved, Billions in Debt Serviced, and Millions Saved for Americans in Need Optima Tax Relief proudly celebrates 14 years of helping taxpayers nationwide resolve their toughest IRS and state tax issues. Since its founding in 2011, the company has become the nation’s leading tax resolution firm, servicing over 100,000 cases, resolving billions […]
How the IRS Calculates Interest on Tax Debt
Understanding how the IRS calculates interest on tax debt can help you avoid financial surprises and make better decisions if you owe money to the government. Unlike penalties, IRS interest compounds daily and is tied to market-based rates that adjust quarterly. This means your balance can grow faster than you expect, especially if you wait […]
Ask Phil: The “New IRS”
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, unpacks the meaning behind the term “New IRS,” and what it means if you owe back taxes. What Is the “New IRS”? The phrase “New IRS” refers to the agency’s major transformation driven by the Department of Government Efficiency (DOGE). DOGE promised to […]