Receiving an IRS notice in the mail can be scary, but the situation can be less daunting if you know what to do. First, it’s important to note that not all IRS notices are negative as some are only informational. In any case, taxpayers should know what steps to take upon receiving an IRS notice. […]
Articles by Elyssa Carlos
Depreciation Schedules for Business Assets
Depreciation is a common accounting method used by businesses to allocate the cost of their assets over time. To effectively manage their finances and make informed decisions, businesses employ depreciation schedules. In this article, we will explore what depreciation schedules are, why they are essential for businesses, and how to create and utilize them effectively. […]
Tax Tips for Educators
Educators play a crucial role in shaping the future by imparting knowledge and skills to the next generation. While their dedication to teaching is commendable, it’s essential for educators to be aware of various tax benefits and deductions available to them. These can help them reduce their tax liability and potentially increase their refunds. In […]
Ask Phil: IRS Online Accounts
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS online accounts, including why it’s beneficial for taxpayers to have them. Having an IRS online account can offer several benefits to individuals and businesses. Here are some of the advantages of creating and using an IRS online account: Creating an IRS online account can […]
Can I Deduct My Pet’s Expenses on My Taxes?
For many people, pets are an integral part of their lives, providing companionship, comfort, and joy. However, being a responsible pet owner can come with a substantial financial commitment. As tax season approaches, you may be wondering if there’s any way to offset some of those expenses by deducting them on your tax return. While […]