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Tax PlanningPublished on Jun 5, 2024
Inheriting a retirement account can be a significant financial event. However, it also comes with specific responsibilities, including the need to navigate the rules surrounding Required Minimum Distributions (RMDs). These mandatory withdrawals ensure that taxes are eventually paid on the funds accumulated […]
Tax PlanningPublished on Jun 3, 2024
Understanding how student loans impact your taxes is crucial for both current students and graduates. Whether you’re still in school or have already crossed the stage, grasping the tax implications of your student loans can save you money and prevent potential headaches […]
Tax ReturnsPublished on Jun 2, 2024
Tax season often brings a mix of dread and determination as individuals and businesses prepare to file their returns. For those familiar with tax laws and confident in their abilities, the thought of helping someone else with their taxes might come up. […]
Optima NewsletterPublished on May 31, 2024
Can the IRS Take My 401(k)? Owing back taxes is a stressful situation for many Americans. Therefore, understanding the potential consequences is crucial. One common concern is whether the IRS can seize your 401(k) retirement savings to satisfy unpaid tax liabilities. Here’s […]
IRS CollectionsPublished on May 28, 2024
Receiving a notice from the IRS can be a terrifying experience, especially when it pertains to something as serious as a missed payment on an installment agreement. One such notice is the IRS Notice CP523. Here’s a comprehensive guide on what it […]
RetirementPublished on May 22, 2024
Although it is not recommended, sometimes borrowing from your 401(k) savings is necessary to cover unexpected expenses or hardships. When it comes to accessing funds from your 401(k) account before retirement age, you generally have two options. You can take out a […]
IRS CollectionsPublished on May 21, 2024
Facing an IRS audit can be stressful, especially if you lack the receipts to back up your deductions or claims. While the lack of receipts can complicate things, it’s not an insurmountable issue. The IRS understands that documentation can sometimes be lost […]
Tax PlanningPublished on May 20, 2024
When we think of gambling, our first thoughts may be of casino games or the lottery. However, the IRS requires all gambling income to be reported, including winnings from raffles, fantasy football, and even sports betting. The IRS has specific regulations for reporting […]
Ask Phil Video SeriesPublished on May 16, 2024
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about the Child Tax Credit, breaking down what it is and who qualifies. What is the Child Tax Credit? The child tax credit is a tax benefit provided by the IRS to parents […]
Tax PlanningPublished on May 15, 2024
Living alone can be liberating, offering independence and autonomy. However, it often comes with a financial burden dubbed the “singles tax.” This term refers to the additional costs incurred by individuals who choose to live independently, without the financial support or cost-sharing […]
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