For freelancers, self-employed individuals, and small business owners, managing finances is an integral part of their professional journey. One key aspect of financial responsibility is handling taxes. For those with income not subject to withholding, estimated quarterly taxes become a crucial obligation. In this article, we will explore what estimated quarterly taxes are, why they […]
Taxes on Social Security Benefits
Social Security benefits are a crucial financial lifeline for many retirees, providing a steady stream of income to help maintain a comfortable lifestyle during their golden years. 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 […]
How a Legal Name Change Affects Your Taxes
Changing your legal name is a significant life event that can have various implications, including those related to taxes. While the process of changing your name involves legal and administrative steps, it’s essential to understand how this transformation can affect your tax obligations. In this article, we’ll explore the key aspects of how a legal […]
Optima Newsletter – November 2023
How Long Can the IRS Audit My Taxes? The worst thing that can happen for most taxpayers is being told by the IRS that they are being audited. What most people don’t realize is that there is a timeframe for how long the IRS can audit an individual. This timeframe is known as the audit […]
A Gold Standard in Ethics: Optima Tax Relief Triumphs at BBB International Torch Awards
The tax firm was recognized for its embodiment of trust and ethics in the marketplace. Optima Tax Relief proudly announces its distinguished recognition as the sole Category 4 recipient of the Better Business Bureau (BBB) International Torch Awards for Ethics, underscoring the company’s unwavering commitment to ethical business practices. This accolade is a testament to the […]
How Investment Apps Affect Your Taxes
As technology continues to reshape the financial landscape, investment apps have become increasingly popular tools for individuals seeking to grow their wealth. These apps provide a user-friendly interface for managing investments, offering convenience and accessibility. However, as with any financial endeavor, it’s crucial to understand the tax implications associated with using investment apps. In this […]
Which Types of Interest are Tax-Deductible?
When it comes to managing finances, understanding the nuances of tax-deductible interest can be a valuable tool for maximizing savings. Interest payments on various loans and financial instruments can sometimes be deducted from taxable income. This provides individuals with an opportunity to reduce their overall tax burden. In this article, we will explore the types […]
How to Itemize Deductions
Itemizing deductions is a valuable strategy for maximizing tax savings. It allows taxpayers to claim a range of eligible expenses that can significantly reduce their taxable income. The standard deduction provides a straightforward way to reduce taxable income. On the other hand, itemizing deductions involves listing individual expenses to potentially achieve a greater tax benefit. […]
5 Tax Issues Gig Workers Run Into & How to Avoid Them
In the dynamic landscape of the gig economy, where flexibility and independence are highly valued, many workers find themselves navigating the complex terrain of self-employment taxes. While the gig economy offers opportunities for individuals to earn income on their own terms, it also comes with a set of responsibilities, particularly when it comes to filing […]
IRS Announces Another Delay in Form 1099-K Reporting
The IRS has recently announced a delay in the implementation of changes to the reporting threshold for Form 1099-K. Form 1099-K, Payment Card and Third Party Network Transactions, is used to report third-party platform payments. Originally scheduled for 2023, the IRS has decided to postpone the implementation of greater reporting thresholds. However, they’ve cited the […]