You may live or work abroad, but if you’re an American citizen or legal permanent resident, Uncle Sam still wants his rightful share of your income. Even if you reside outside the United States and receive earnings from a source located outside the country, you must report that income. Depending on your circumstances, you may […]
Optima Newsletter – October 2020
If you’re out of work due to the coronavirus and in need of money fast, you might want to consider withdrawing from your retirement savings. Taxpayers who have had a negative impact on their finances due to the pandemic should know that temporary changes to the rules under the CARES Act allows taxpayers to make […]
Going Green can get You a Bigger Tax Refund
Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation. Going green has tax benefits that could potentially reduce your total tax bill when filing your taxes. More taxpayers are taking advantage of […]
How Renting Out Your Home Affects Your Taxes
If you have decided to dive into the sharing economy by renting your home or part of it out — whether it’s through a service like AirBnB or independently — you need to be aware of how the rental income will affect your taxes. Renting any part of your home requires some work up-front and […]
What Does IRS Code 9001 Mean?
There are still many IRS terms and codes that are a mystery to the average taxpayer. Tax terms can be confusing, whether you’re a first-time tax filer or have been filing tax returns for years. IRS Code 9001 is a common error code, but many people don’t know what it means. We’ll explore what the […]
I Just Moved. How do I File Taxes in Multiple States?
Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation. If you’ve moved within the last year, you may have questions on how to prepare your tax return and how you should file […]
How to Get a Copy of Your IRS Transcript
Getting a copy of your IRS transcript is easy and can be done entirely via the IRS.gov website. Follow these simple steps to retrieve your tax transcript. Keep in mind that only transcripts for filed taxes are available. For example, if you did not file in 2003, there won’t be a tax transcript for that […]
California Taxes and Businesses
California Tax Rates, Incentives & Exemptions As the most populous state in the union, California attracts new residents from all over the country and around the world. From the glow of Tinseltown to the technological buzz of Silicon Valley, dreamers and entrepreneurs alike are drawn to the state. But California is also one of the […]
How to Qualify for the Earned Income Tax Credit
Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation. The Earned Income Tax Credit (EITC) is known as a refundable tax credit that applies to low and moderate-income workers. For those who […]
Deducting Your Gambling Income & Losses
We all know the thrill of winning from gambling whether you’re an avid gambler or the occasional one. But did you know that all winnings are fully taxable? No matter how small your gambling winnings, they must be reported on your tax return. Gambling income includes- but not limited to- winnings from lotteries, keno, […]