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 […]
401(k) Loans and Withdrawals: How Do They Affect Taxes?
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 Audits with No Receipts. Now What?
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 […]
Taxes on Gambling Winnings
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: What is the Child Tax Credit?
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 […]
What is the Single’s Tax?
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 […]
IRS Announces Interest Rates for Q3 of 2024
The IRS has announced that interest rates for the third quarter of 2024 will remain consistent with the previous quarter. This decision comes amidst ongoing economic evaluations and reflects the IRS’s commitment to stability in the financial landscape. Here’s an overview of […]
Tax Tips for Rideshare Drivers
The gig economy has revolutionized the way people work, providing flexibility and autonomy like never before. Ridesharing platforms like Uber, Lyft, and others have become a popular choice for those seeking extra income or a full-time job. However, amidst the freedom and […]
Ask Phil: Failure to Pay and Failure to File. Which is Worse?
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about the common IRS penalties: failure to pay and failure to file, including what each are, and which one is worse for taxpayers. Failure to Pay Penalty The failure to pay penalty is […]
Tax Checklist for Moving States
Moving to a new state is often an exciting adventure, but amidst the hustle and bustle of relocation, it’s easy to overlook important details, such as how the move will impact your taxes. State tax laws vary widely, and failing to understand […]