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 a financial penalty imposed by the IRS on taxpayers who fail to pay […] The post Ask Phil: Failure to Pay and Failure to File. Which is Worse?  appeared first on Optima Tax Relief ..read more

If you’ve ever had to deal with the IRS, you’ll probably agree that one of the most puzzling concepts is the IRS Collection Financial Standards. These standards play a crucial role in determining a taxpayer’s ability to pay their tax debt. They can significantly influence the outcome of negotiations with the IRS. In this article, […] The post IRS Collection Financial Standards Explained appeared first on Optima Tax Relief ..read more

Child support payments serve as a critical lifeline for families post-divorce or separation, ensuring that children’s needs are met. Amidst the complexities of family law and taxation, one common question arises: Are child support payments taxable? In this article, we’ll answer this question, providing clarity on the tax treatment of child support payments and offering […] The post Are Child Support Payments Taxable? appeared first on Optima Tax Relief ..read more

Receiving a notice from the IRS can be a traumatic experience, especially if you’re not sure what it means or how to respond. One common notice taxpayers receive is CP11, which typically informs recipients about changes made to their tax return resulting in a refund being adjusted. Understanding what to do when you receive CP11 […] The post What To Do If You Receive IRS Notice CP11 appeared first on Optima Tax Relief ..read more

For small business owners, figuring out taxes can often be complicated. Among the many forms and documents required by the IRS, Schedule C stands out as a vital component for sole proprietors and single-member LLCs. It’s the key to reporting income and expenses for your business, ultimately determining your taxable profit or loss. In this […] The post What is Schedule C? appeared first on Optima Tax Relief ..read more

Owning a car often comes with a lot of expenses, from gas and maintenance to insurance and registration fees. While some of these costs are clearly deductible on your taxes, such as business-related mileage or certain maintenance expenses, the question of whether you can deduct car registration fees is a bit more complex. Here’s a […] The post Can I Deduct Car Registration Fees? appeared first on Optima Tax Relief ..read more

In today’s digital age, the internet offers incredible opportunities for communication, commerce, and connection. Yet, beneath the surface, there exists a shadowy corner known as the dark web, where illicit activities thrive. Among these dark deeds, tax fraud has emerged as a significant concern, impacting individuals and governments alike. Let’s take a closer look at […] The post Tax Fraud on the Dark Web appeared first on Optima Tax Relief ..read more

Every year like clockwork you conscientiously pay your state income taxes, but this year you spaced and missed the deadline. Don’t panic. Filing taxes can be a stressful task, and it’s not uncommon for people to forget deadlines or overlook certain tax obligations. If you find yourself in the situation where you forgot to file […] The post I Forgot to File State Taxes. Now What?   appeared first on Optima Tax Relief ..read more

In the world of taxation, income is broadly categorized into two main types: earned and unearned income. Earned income is derived from active participation in a trade or business. Conversely, unearned income encompasses various sources that don’t require direct effort or labor. This article explores the concept of unearned income, its sources, and how it […] The post What is Unearned Income? appeared first on Optima Tax Relief ..read more

Now that the April tax deadline has passed, you might be wondering, “Where’s my tax refund?” Optima CEO David King and Lead Tax Attorney Philip Hwang explain how you can track your refund, how long you have to collect your refund and how to stay compliant with the IRS. If You Need Tax Help, Contact […] The post Where’s My Tax Refund? appeared first on Optima Tax Relief ..read more