Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, breaks down three of the most talked-about tax changes in the Big Beautiful Bill and what they could mean for your wallet. There’s been a lot of buzz around the new tax bill, especially for middle- and low-income taxpayers. While the bill includes […]
Tax Guide for Independent Contractors
Working as an independent contractor offers flexibility and autonomy, but it also means taking full responsibility for your taxes. Unlike employees, contractors don’t have income or payroll taxes withheld. This guide aims to explain why that matters and how to stay compliant. Understanding Your Tax Status As an independent contractor, you are considered self-employed. This […]
What Assets Can the IRS Seize?
It can be difficult and frustrating to deal with tax debt. You might be concerned about whether the IRS has the right to seize your assets if you owe taxes to them and haven’t taken steps to address the debt. Understanding which assets the IRS can seize is crucial for taxpayers, particularly those facing financial […]
Does the IRS Really Show Up at Your Door? What Field Visits Are (and Aren’t)
If you’re a taxpayer, few things sound more terrifying than hearing a knock at your door, only to find someone claiming to be from the IRS. But does the IRS really show up at your door? In recent years, the Internal Revenue Service has changed its procedures to reduce confusion and increase taxpayer safety. That […]
Taxes on Social Security Benefits
Social Security benefits are a crucial financial lifeline for many retirees. Many taxpayers are often shocked to learn that their Social Security benefits can be taxed by the federal government. Taxes on Social Security benefits are dependent on a variety of factors, making it essential for retirees to understand the rules and implications of Social […]