Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question: “How do I get my IRS debt forgiven?” What is Tax Debt Forgiveness? If you want to reduce your tax liability with the IRS, you have some options. Audit Reconsideration Audit reconsideration is a process offered by the IRS that allows […]
What To Do If You Receive IRS Notice CP90
Receiving a notice from the IRS can be an unsettling experience, especially when it involves serious matters like potential tax collection actions. One such notice is the IRS Notice CP90. If you’ve received this notice, it’s crucial to understand what it means and how you should respond. Here’s a comprehensive guide on what to do […]
What is the U.S. Tax Court?
The U.S. tax system is one of the most complex in the world. That said, it can be intimidating for many taxpayers, especially when disagreements arise with the IRS over tax liabilities. In such situations, the United States Tax Court serves as a crucial legal institution that offers taxpayers a platform to contest IRS determinations […]
Tax Tips for eBay Sellers
Selling on eBay can be a profitable venture, whether you’re clearing out unwanted items from your home or running a full-scale business. However, figuring out the tax implications of eBay sales can be confusing, especially for those new to online selling. Here are some tax tips for eBay sellers to help you understand your tax […]
What is Schedule D?
When it comes to filing your annual tax return with the IRS, Form 1040 is the central document that captures your overall financial picture. If you have realized capital gains or losses from the sale of assets such as stocks, bonds, real estate, or other investments during the year, you’ll need to report these transactions […]
Ask Phil: What is the Best Way to Pay Off Your Taxes?
Today, Optima Tax Relief Lead Tax Attorney, Phil, gives his insights on the best way to pay off tax debt. Withhold the Correct Amount Ensure your employer withholds the correct amount of federal income tax from your paycheck based on your Form W-4. If you’re self-employed, be sure to use Form 1040-ES to make estimated […]
Optima Newsletter – August 2024
What Happens if I Default on My IRS Installment Agreement? Entering into an installment agreement with the IRS can provide you with a manageable way to pay off their tax liability over time. However, defaulting on an IRS installment agreement can lead to serious consequences. Here, we’ll review the potential repercussions and the steps you […]
How to Renew Your ITIN
The Individual Taxpayer Identification Number (ITIN) is a crucial identification number used by individuals who are required to have a U.S. taxpayer identification number but are not eligible to obtain a Social Security Number (SSN). It’s primarily used for tax purposes. If your ITIN is set to expire or has already expired, renewing it is […]
How Home Equity Loans Affect Taxes
Home equity loans have long been a popular option for homeowners looking to access the value in their homes for various financial needs. These might come in the form of home renovations, debt consolidation, or unexpected expenses. However, the tax implications of home equity loans are often overlooked, yet they can have a significant impact […]
Tax Tips for Etsy Sellers
Selling on Etsy can be a rewarding venture, whether you’re crafting handmade jewelry, vintage finds, or unique digital downloads. However, as an Etsy seller, it’s essential to understand the tax implications of your business to ensure compliance and maximize your earnings. Here are some crucial tax tips to help you navigate-taxes as an Etsy seller. […]