Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, shares five essential tax tips every self-employed individual should know. Tip 1: Make Your Quarterly Estimated Payments As a self-employed taxpayer, you are responsible for paying your taxes quarterly. Missing these payments […]
Ask Phil: Can I Skip Paying My Taxes This Year?
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, answers a common Reddit question: “Can I skip paying my taxes this year?” Technically, paying your taxes is a completely voluntary act. However, skipping your taxes is never a good idea. Penalty and Interest Risks The IRS can assess […]
Ask Phil: Big Beautiful Bill Summary
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, breaks down three of the most talked-about tax changes in the Big Beautiful Bill and what they could mean for your wallet. There’s been a lot of buzz around the […]
Ask Phil: Is There A Lien On Your House?
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, shares what a federal tax lien is and what steps you can take if the IRS has already filed one against your home. Option One: Pay Your Balance in Full […]
Ask Phil: The “New IRS”
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, unpacks the meaning behind the term “New IRS,” and what it means if you owe back taxes. What Is the “New IRS”? The phrase “New IRS” refers to the agency’s […]
Ask Phil: Missed Your Tax Deadline?
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, shares what to do if you missed the tax deadline and how to avoid making things worse. Step One: Pay What You Can If you missed the deadline but have […]
Ask Phil: Are Student Loan Collections Back?
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, discusses what’s happening with student loan collections and what it means if you’ve defaulted on yours. Yes, Student Loan Collections Are Back After years of pauses and extensions, federal student […]
Ask Phil: What does EITC stand for?
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, explains one of the most valuable tax breaks for low- to moderate-income earners: the EITC. What Is the EITC? EITC stands for the Earned Income Tax Credit. It’s a refundable […]
Ask Phil: Is the IRS Shutting Down?
Today, Optima Tax Relief Lead Tax Attorney, Phil, addresses the trending myth: Is the IRS shutting down? The short answer: no, it’s not. Why the IRS Isn’t Going Anywhere Recently, talk of the IRS shutting down has picked up steam, especially online. […]
I Resolved My Account with the IRS. Now What?
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question we hear from clients: “I resolved my account with the IRS. Now what?” What It Means to Resolve Your Tax Account First, congratulations! Resolving your tax account is a big […]