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 […]
Optima Tax Relief Celebrates 14 Years of Service: A Legacy of Taxpayer Advocacy and Impact
Over 100,000 Tax Problems Resolved, Billions in Debt Serviced, and Millions Saved for Americans in Need Optima Tax Relief proudly celebrates 14 years of helping taxpayers nationwide resolve their toughest IRS and state tax issues. Since its founding in 2011, the company has […]
How the IRS Calculates Interest on Tax Debt
Understanding how the IRS calculates interest on tax debt can help you avoid financial surprises and make better decisions if you owe money to the government. Unlike penalties, IRS interest compounds daily and is tied to market-based rates that adjust quarterly. This […]
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 […]
Can I Claim the Sales Tax Deduction?
If you ever itemize your deductions, you might’ve come across the sales tax deduction. This is part of the broader State and Local Tax (SALT) deduction and allows you to deduct either state and local sales tax or income tax paid during […]
IRS Interest Rates Hold Steady for Q3 2025
The IRS has announced its interest rates for the third quarter of 2025, with no changes from the previous quarter. These rates, effective from July 1 through September 30, 2025, play an essential role in how both individuals and businesses manage their […]
Can You Get a Car Loan With IRS Debt or a Tax Lien?
If you’re struggling with IRS debt or have a federal tax lien on your record, you may be wondering how it will affect your ability to finance a vehicle. The short answer? It’s still possible to get a car loan. However, it […]
How to Track Business Expenses for Taxes: Apps, Methods, and Best Practices
Tracking business expenses for taxes is a crucial practice that every business owner must master. Proper expense tracking helps ensure you stay compliant with the IRS. It also helps you maximize deductions, reduce your tax liability, and maintain a clear financial picture […]
Optima Newsletter – July 2025
How the IRS Calculates Interest on Tax Debt Understanding how the IRS calculates interest on tax debt can help you avoid financial surprises and make better decisions if you owe money to the government. Unlike penalties, IRS interest compounds daily and is […]