Since its enactment in 2017, the Tax Cuts and Jobs Act (TCJA) has significantly impacted the American tax landscape, introducing a slew of changes aimed at reducing tax burdens for individuals. However, many of these provisions were designed to sunset after a […]
Ask Phil: Top 5 Tax Tips for 2024
Today, Phil discusses his top 5 tax tips for 2024. Tax Tip #5: Gather Your Tax Documents Early Most tax forms, including your W-2s and most 1099s, should be sent to you by January 31. However, there are some tax documents that […]
What You Need to Know About IRS Notice CP2000
Receiving a notice from the IRS can be anxiety-inducing for anyone. Among the various notices the IRS sends, Notice CP2000 stands out as one that often causes confusion and concern among taxpayers. However, understanding what Notice CP2000 entails and how to respond […]
What Happens to IRS Tax Debt When You Die?
Death is an inevitable part of life, but what happens to our financial obligations when we pass away? Among the many considerations that arise after someone dies, tax liabilities can be a complex issue that requires careful attention and understanding. While tax […]
A Breakdown of IRS Form W-2
Tax season often brings a sense of confusion and anxiety for many individuals, especially when faced with understanding complex tax forms. One such form, the W-2, plays a crucial role in the tax-filing process for employees. Understanding the W-2 form is essential […]
What is an IRS Notice of Intent to Offset?
Receiving a notice from the IRS is never pleasant, especially when it involves a Notice of Intent to Offset. This notice signals the IRS’s intention to collect a liability owed to a government agency or entity. They do this by using any […]
Ask Phil: Welcome to the 2024 Tax Season
Today, Phil discusses the 2024 tax season, including penalty relief and who qualifies for it. The IRS is providing $1 billion in penalty relief to nearly 5 million 2020 and 2021 tax returns. To qualify, you must owe less than $100,000 on […]
Optima Newsletter – January 2024
What is Innocent Spouse Relief? Tax matters can be complex and often present challenges for married couples who file joint tax returns. In certain situations, one spouse may find themselves unfairly penalized for the actions of their partner, leading to financial difficulties […]