Social Security benefits are a crucial financial lifeline for many retirees. Many taxpayers are often shocked to learn that their Social Security benefits can be taxed by the federal government. Taxes on Social Security benefits are dependent on a variety of factors, […]
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 […]
What You Need to Know About State Tax Audits
We often discuss IRS tax audits, but you can just as easily be audited by your state. Like an IRS audit, state tax audits can be stressful and intimidating for taxpayers. But what triggers a state tax audit? Is it less severe […]
Saving for College: 529 Plan Tax Benefits
Saving for education can be overwhelming. However, it can be a little easier with the help of a dedicated education savings account. By starting earlier and saving more efficiently, you can boost your ability to pay for educational costs, whether that’s for […]
Estate Tax Considerations for Widows: Do You Owe Taxes on Your Spouse’s Estate?
Losing a spouse is one of life’s most difficult experiences. Alongside the emotional toll, many surviving spouses also face the stress of handling estate and tax matters. One of the most common questions widows ask is: “Will I owe taxes on my […]
What is the Qualified Business Income Deduction?
In recent years, the tax landscape for businesses has undergone significant changes. One notable provision is the Qualified Business Income (QBI) deduction, first enacted under the Tax Cuts and Jobs Act (TCJA) of 2017. This deduction provides a valuable tax break for […]
What is the SALT Deduction?
If you’ve never heard of the State and Local Tax (SALT) deduction, you’re not alone. But if you have, you may know that it is a topic that often raises eyebrows and sparks debates. For many taxpayers, the SALT deduction plays a […]
An Overview of Estate & Inheritance Taxes
Sometimes after a loved one dies, we must deal with grief, funeral planning, and an estate. In some cases, we inherit assets from a deceased loved one. Unfortunately, not much in this life comes for free, and even the things we inherit can cost […]
Tax Checklist for Closing a Business
Closing a business is a significant step that involves more than locking the doors or deactivating your website. Whether you’re a sole proprietor, LLC, or corporation, you’re still responsible for properly handling federal, state, and local tax matters. If done improperly, unresolved […]
How Freelancers Can Avoid Surprising Tax Bills
The allure of freelancing lies in its flexibility and independence, allowing individuals to pursue their passions while managing their own time. However, freelancers often find themselves grappling with financial complexities, particularly when it comes to taxes. One of the most dreaded scenarios […]