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 […]
Qualifying Widow(er) Filing Status Explained
The loss of a spouse is a challenging and emotional experience, and during such times, financial matters can add an extra layer of complexity. The tax implications of losing a spouse are among the many considerations that individuals may face. One important filing status that may apply to widows and widowers is the qualifying widow(er) […]
Ask Phil: What’s the Fastest Way to Get My Tax Refund?
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers the question everyone wants to know during tax season: What’s the fastest way to get my tax refund? E-File E-filing your tax return is the fastest and most efficient way to receive your tax refund. When you file electronically and choose direct deposit, the IRS processes […]
IRS Back Taxes Relief Options
If you owe back taxes to the IRS, you may be wondering what options are available to help you resolve your tax debt. The IRS offers several relief programs to assist taxpayers in settling their obligations while avoiding harsh penalties. This guide explores those options and provides insights into how you can take control of […]
What is the PATH Act?
The Protecting Americans from Tax Hikes (PATH) Act of 2015 was a significant piece of tax legislation designed to provide tax relief, prevent fraud, and promote economic growth. Enacted on December 18, 2015, the law made several temporary tax provisions permanent while extending others. One of its primary goals was to enhance tax compliance by […]
Tax Tips for DoorDash and Uber Eats Drivers
Dealing with taxes as a gig worker can feel overwhelming, especially if you’re new to delivery driving with platforms like DoorDash or Uber Eats. As an independent contractor, it’s crucial to understand your tax obligations to avoid costly surprises. This guide will break down essential tax tips for DoorDash and Uber Eats drivers to help […]
Do Scholarships and Grants Affect My Taxes?
Scholarships and grants can significantly reduce the cost of higher education, making it easier for students to pursue their academic goals without accumulating substantial debt. While receiving financial aid is generally beneficial, many students and parents are unsure whether these funds are subject to taxes. The answer depends on how the money is used and […]
What is the Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) is a significant tax benefit designed to support low to moderate-income working individuals and families. Enacted in 1975, the EITC aims to reduce poverty by supplementing the earnings of those in lower-income brackets, encouraging work, and lessening the tax burden on eligible taxpayers. Here’s a closer look at what […]
Optima Newsletter – February 2025
Can the IRS Suspend Your Licenses? From wage garnishments to levies on property, the IRS has a variety of tools to collect unpaid taxes. But can the IRS suspend your professional, business, or driver’s licenses? This article explores the extent of the IRS’s authority, its collaboration with other agencies, and the steps you can take […]