Understanding which tax deductions you qualify for can significantly reduce your taxable income, increase refunds, and improve your overall financial strategy. However, the types of deductions that make sense often depend on your generation and life stage. From student loans and side hustles for Gen Z to homeownership and retirement contributions for Millennials, and age-specific […]
Zelle and Taxes: Does Zelle Report to the IRS?
Zelle has become one of the most popular ways to send and receive money instantly, with millions of users transferring funds directly between bank accounts each day. But as tax season approaches, one common question arises: Does Zelle report your transactions to the IRS? While other peer-to-peer payment apps like PayPal and Venmo are subject […]
Choosing the Right IRS Payment Plan: Full Payment, CNC, or Installments | Optima Tax Relief
Wondering whether it’s better to pay your taxes in full or set up a payment plan? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain which repayment options you may qualify for, how penalties and interest impact your total debt, and the steps you can take to resolve your tax […]
Estimated Tax Payments: What Happens If You Miss a Quarter
If you earn income that isn’t automatically taxed through payroll withholding, like freelance work, consulting, investments, or small business profits, you’re expected to make estimated tax payments four times a year. These quarterly payments help you stay current with the IRS so you don’t end up with a surprise bill and penalties at tax time. […]
What is IRS Penalty Abatement?
The IRS imposes penalties on taxpayers for various reasons, including failing to file a tax return on time, failing to pay taxes owed, or providing inaccurate information. However, the IRS also offers penalty abatement—a process that allows taxpayers to request a reduction or removal of certain penalties under specific circumstances. Understanding how penalty abatement works […]
How to Prepare for the New 1099-K Thresholds in 2025
The IRS will enforce new reporting thresholds for 1099-K forms starting in 2025 under the One Big Beautiful Bill Act (OBBBA). The changes will impact gig workers, freelancers, and small business owners, particularly those operating in the gig economy or e-commerce. Understanding these updates and planning accordingly can help avoid surprises come tax season. Let’s […]
How Do Newlyweds File Taxes?
Getting married is a joyous occasion, but it also brings important financial and tax considerations. As a newlywed, understanding how to navigate the tax implications of your new marital status is crucial for optimizing your finances and avoiding potential pitfalls. This comprehensive guide will walk you through the essential steps and decisions you need to […]
How the IRS Finds Out About Your Assets
The IRS has a reputation for being one of the most powerful collection agencies in the world, and for good reason. When you owe back taxes or fail to report income, the IRS has multiple ways of uncovering what you own and where your money is. Many taxpayers wonder: how does the IRS find your […]
How to Request a Tax Transcript From the IRS
When it comes to financial matters, accurate documentation is key. The IRS maintains various types of transcripts that provide a detailed record of your tax-related activities. Whether you need a tax transcript for tax filing, loan applications, or personal financial planning, understanding how to request IRS transcripts is crucial. In this guide, we’ll walk you […]
How Long Does an Offer in Compromise Take?
If you’re facing significant tax debt and struggling to make ends meet, the Offer in Compromise (OIC) process may offer a lifeline. This tax negotiation program, offered by the IRS, allows qualifying taxpayers to settle their tax debts for less than the full amount owed. While this can be a valuable option, it’s important to […]