Each year, millions of Americans eagerly await their tax refunds. For many, it feels like a financial windfall—a check from the government that brings temporary relief, fuels major purchases, or even funds vacations. But is receiving a large tax refund a bad thing? What if, instead of a reward, it’s actually a red flag? In […]
Head of Household Filing Status Explained
When tax season rolls around, individuals and families are presented with a myriad of choices regarding how to file their taxes. One such choice is determining your filing status. One often misunderstood but highly beneficial filing status is Head of Household. If you are the primary financial supporter of a household, this filing status could […]
What Happens If Someone Else Claimed Your Child on Their Tax Return?
Few things can disrupt your tax filing like finding out someone else has already claimed your child on their return. Whether it’s the result of a simple mistake or a contentious custody situation, this issue can cause delays, lost refunds, and plenty of stress. Understanding what happens in these situations, and how to resolve them, […]
Tax Credits vs. Tax Deductions
Tax season is officially here. As you prepare to file your tax return, it might be helpful to research ways to decrease your tax liability. A popular way to do this is to claim tax credits and tax deductions. While both can help reduce your overall tax liability, they operate in distinct ways. In this […]
Ask Phil: Is the IRS Shutting Down?
Today, Optima Tax Relief Lead Tax Attorney, Phil, addresses the trending myth: Is the IRS shutting down? The short answer: no, it’s not. Why the IRS Isn’t Going Anywhere Recently, talk of the IRS shutting down has picked up steam, especially online. Some of the talk is tied to Donald Trump’s return to the presidency […]
I Missed the Tax Deadline. Now What?
Missing the tax deadline can feel overwhelming, especially if you’re not sure what happens next. Whether you forgot, ran out of time, or just didn’t have the funds to pay what you owed, you’re not alone—and you still have options. Each year, millions of taxpayers miss the April deadline for a variety of reasons. The […]
Do You Need an EIN for Your Side Business?
If you’re starting a side business, you may have already encountered the term Employer Identification Number (EIN). It’s a common topic of confusion for new business owners, particularly those who are running smaller, more casual operations. This article will help clarify when you need an EIN for your side business, how to apply for one, […]
Do Widows Pay Taxes on Life Insurance Payouts?
Losing a spouse is one of the most emotionally challenging experiences a person can go through. During this time of grief, managing finances and understanding the tax implications of inherited assets can feel overwhelming. One common question is if widows pay taxes on life insurance payouts. The answer, in most cases, is reassuring—but there are […]
Optima Tax Relief Launches Initiative to Combat Tax Scams
Consumer education campaign empowers taxpayers with tools to detect and prevent tax-related fraud amid a rise in sophisticated scams. Optima Tax Relief, a nationally recognized leader in tax resolution services, is proud to announce a new initiative aimed at combating the growing threat of tax scams. As tax fraud continues to evolve, becoming more sophisticated […]
I Resolved My Account with the IRS. Now What?
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question we hear from clients: “I resolved my account with the IRS. Now what?” What It Means to Resolve Your Tax Account First, congratulations! Resolving your tax account is a big deal. Whether you set up a standard Installment Agreement, secured a Partial Payment […]