Tax evasion and fraud is not just a problem for white-collar crime criminals. Filing your taxes, particularly if you have considerable assets or run your own business, can be terribly complex. This means that the line between an aggressive – but legal […]
Don’t get Taxed twice when making Non-Deductible IRA Contributions
Individuals that earned income throughout the tax year have the option to make non-deductible (after-tax) contributions to an IRA and benefit from tax-deferred growth. One of the most common risks that taxpayers take is paying additional taxes when withdrawing their money from […]
Reducing Taxes on Your Holiday Bonus
As the spirit of generosity is in the air, companies and employees need to know that holiday bonuses are considered supplemental wages and subject to taxes. Holiday bonuses are viewed by the IRS as compensation, just like paychecks, so taxes need to […]
How to Get a Copy of Your IRS Transcript
Getting a copy of your IRS transcript is easy and can be done entirely via the IRS.gov website. Follow these simple steps to retrieve your tax transcript. Keep in mind that only transcripts for filed taxes are available. For example, if you […]
Is there a Deduction Limit on Charitable Donations?
Optima Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation. If you’re debating whether or not to donate to charity, […]
What Does Voluntary Compliance Mean in Regard to Taxes?
The United States federal income tax system is operated under a system of voluntary compliance. This innocuous sounding term actually packs quite a potent punch – there is little that is voluntary about the federal tax system, at least where paying taxes […]
Would You Cheat on Your Taxes?
Would you cheat on your taxes? If you said “no,” count yourself in the majority of people who wouldn’t commit tax fraud. According to the Taxpayer Attitude Survey, about 87% of American Taxpayers say that it is not acceptible to cheat on […]
Tax Season Is Here…And So Are The Scammers
The start of each new year typically brings renewed resolve to get healthy, strengthened desires for personal improvement, and of course, tax season. Tax season can mean different things to a lot of people. Some look forward to a large refund; for […]
Are Game Show Prizes Taxed?
Before you envy those game show contestants who win big, you need to hear the rest of the story. Some winners scoop up prizes worth tens of thousands of dollars, and maybe even a car. But often they don’t realize that those […]