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, […]
What is the Difference Between Form 1099-Misc and 1099-K?
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. Being self-employed comes with a lot of benefits like being your own boss and making your own hours. Although there are a lot […]
How to Avoid Tax Fraud During Tax Season
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. Tax Season leaves many taxpayers vulnerable to identity theft and scammers. Scammers can pose as tax preparers and steal your personal information. Protect […]
What is the Minimum Income to File Taxes?
Do I Need to File a Federal Tax Return? More than 43% of Americans don’t have to file a federal tax return. Are you one of them? While the IRS expects to receive more than 150 million tax returns this year, it is estimated that nearly 43% of Americans don’t have to file a federal […]
Tips to Help Understand and Avoid Tax Scams
You’ve just received a notice from the IRS. It indicates that, after multiple attempts to get in touch with you, they are going to levy you. You start to panic; you don’t remember the IRS ever attempting to reach out to you. Maybe you’ve never even owed a tax liability. After calling the number on […]
Gambling Taxes & Casino Win-Loss Statements
In the last thirty years, gambling has changed its image from a quasi-legal activity to a major player in the economy. The IRS has responded accordingly, now requiring gambling winnings to be reported as a source of income, with losses deductible only to the extent of winnings. A professional gambler, or someone who gambles often […]