Filing taxes can be a complicated process, especially if you are unsure which documents you need to have on hand. Missing key paperwork can lead to delays, miscalculations, and even penalties if your tax return is incorrect. Whether you file your own taxes or work with a tax professional, gathering the necessary documents beforehand will […]
GoFundMe: How are Donations Taxed?
Crowdfunding is the act of funding a project by collecting small donations from a large number of individuals, often via the internet. GoFundMe has become a powerful platform for individuals and organizations to raise funds for various causes. These range from medical expenses and emergency relief to community projects and personal aspirations. However, many users […]
What To Do If You Get an IRS Notice
Have you received a notice or letter from the IRS? Don’t panic! Optima Tax Relief CEO David King and Lead Tax Attorney Philip Hwang explain what your IRS notice means and offer solutions to resolve your tax burden. If You Need Tax Help, Contact Us Today for a Free Consultation
Tax Attorney vs CPA: Understanding the Key Differences
When dealing with taxes, choosing the right professional can make a significant difference in your financial and legal outcomes. Tax attorneys and certified public accountants (CPAs) both offer specialized expertise, but their roles serve distinct purposes. A CPA focuses on tax preparation, accounting, and financial planning, while a tax attorney provides legal counsel, represents clients […]
What Medical Expenses Are Tax Deductible?
Tax deductions can drastically reduce your total tax liability and allow you to save money. While medical bills can be a significant hardship for many individuals and families, it is critical to understand that certain medical expenses are tax deductible. Understanding the eligibility criteria and documentation requirements will help you in optimizing your deductions and […]