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Tax ReturnsPublished on Aug 4, 2024
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 […]
Ask Phil Video SeriesPublished on Aug 1, 2024
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 […]
Optima NewsletterPublished on Aug 1, 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 […]
Tax PlanningPublished on Jul 29, 2024
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 […]
Ask Phil Video SeriesPublished on Jul 25, 2024
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses each of the three IRS 6-year rules. Underreporting Income by Over 25% If you underreport your income by over 25%, the IRS has six years from the date the return was filed to […]
Taxes & Your SavingsPublished on Jul 24, 2024
Figuring out taxes in retirement can be challenging, but understanding available tax deductions can significantly impact your financial health. Senior citizens have access to a variety of tax benefits and deductions that can help reduce taxable income and enhance savings. Here’s a […]
Taxes & Your SavingsPublished on Jul 23, 2024
As globalization continues to connect economies and individuals around the world, many U.S. taxpayers find themselves earning income in foreign countries. This income often comes with the obligation to pay foreign taxes, leading to a complex situation where individuals and businesses may […]
Tax ReturnsPublished on Jul 22, 2024
When filing U.S. federal income tax, taxpayers often encounter several forms and schedules that must be completed to accurately report their financial activities. One such form is Schedule B, which is used to report interest and ordinary dividends. Understanding this form is […]
Tax and IRS NewsPublished on Jul 21, 2024
The Federal Disaster Tax Relief Act is a legislative measure proposed by the U.S. Congress to provide tax relief and assistance to individuals and businesses affected by natural disasters. This Act is part of a broader effort by the federal government to […]
Ask Phil Video SeriesPublished on Jul 18, 2024
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses OIC mills, including what they are and how to avoid being victimized by them. What is an OIC? An Offer in Compromise (OIC) is a program offered by the IRS that allows taxpayers […]
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