When considering investing, you may first daydream of the potential rewards of the risky endeavor. But as a new investor, it can be overwhelming to navigate the world of taxes. However, understanding the basics of taxation can help you make informed decisions […]
Ask Phil: What is a Tax Attorney?
Today, Phil explains what a tax attorney is, including what it takes to become one and how they can help you with your tax issues. What is a Tax Attorney? A tax attorney is a legal professional who specializes in tax law. […]
What is the Kiddie Tax?
Navigating the complexities of taxes can be challenging for anyone. When it comes to families with children, there are additional considerations to be aware of. One such consideration is the IRS Kiddie Tax. This set of rules is specifically aimed at taxing […]
How Much Do I Owe the IRS?
Discovering that you owe back taxes to the IRS can be a stressful and overwhelming experience. Whether due to oversight, financial hardship, or other circumstances, it’s essential to address this issue promptly and accurately. However, determining the exact amount of back taxes […]
What To Do If You Receive IRS Notice CP75 or CP75A
Receiving correspondence from the IRS can be an intimidating experience for many taxpayers. Notices like CP75 or CP75A often raise concerns and questions about one’s tax situation. However, understanding what these notices entail and how to respond to them can alleviate anxiety […]
What is the Bad Debt Deduction?
In the realm of business finance, debt is often seen as a double-edged sword. While it can provide necessary capital for growth and expansion, it also comes with the risk of non-payment, leading to bad debts. However, there is a silver lining […]
What Happens If You Don’t File Your Taxes?
The April 18th tax deadline passed, and you did not file your tax return. Now what? First, don’t panic. Not everyone needs to file a tax return. Typically, if you earn less than the standard deduction associated with your filing status, you […]
Optima Newsletter – February 2024
Can the IRS Take My Pension? The IRS is responsible for collecting taxes to fund government operations. While the IRS has various tools at its disposal to ensure tax compliance, there are limitations on what assets it can seize. One question that […]