As the spirit of generosity is in the air, companies and employees need to know that holiday bonuses are considered supplemental wages and subject to taxes. Holiday bonuses are viewed by the IRS as compensation, just like paychecks, so taxes need to be withheld from your holiday bonus. How Much are Holiday Bonuses Taxed? Some […]
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 […]
Is there a Deduction Limit on Charitable Donations?
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’re debating whether or not to donate to charity, it’s important to understand the tax benefits and tax-saving opportunities that could be available […]
What Does Voluntary Compliance Mean in Regard to Taxes?
The United States federal income tax system is operated under a system of voluntary compliance. This innocuous sounding term actually packs quite a potent punch – there is little that is voluntary about the federal tax system, at least where paying taxes is concerned. Many celebrities and ordinary citizens alike have learned this lesson the […]
Would You Cheat on Your Taxes?
Would you cheat on your taxes? If you said “no,” count yourself in the majority of people who wouldn’t commit tax fraud. According to the Taxpayer Attitude Survey, about 87% of American Taxpayers say that it is not acceptible to cheat on taxes, while more than 95% agree that it is every American’s civic duty […]
Tax Season Is Here…And So Are The Scammers
The start of each new year typically brings renewed resolve to get healthy, strengthened desires for personal improvement, and of course, tax season. Tax season can mean different things to a lot of people. Some look forward to a large refund; for others, it’s one more thing to tack onto their to-do list. For the […]