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How are Partnerships Taxed?

Elyssa Carlos — Mon, 23 Sep 2024 08:00:00 +0000

Partnerships are a popular business structure for entrepreneurs looking to combine resources, expertise, and share profits. However, the taxation of partnerships can be complex, as the partnership itself isn’t taxed like a corporation. Instead, partnerships are subject to “pass-through” taxation, where the profits and losses pass through to individual partners. This guide explores how partnerships […]

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How Worker Classification Affects Taxes

Elyssa Carlos — Thu, 19 Sep 2024 08:00:00 +0000

Understanding worker classification is crucial for both employers and workers, as it directly affects tax obligations and benefits. The way a worker is classified—whether as an employee or an independent contractor—determines who is responsible for various tax payments, what deductions are available, and how the worker must report income to the IRS. This article will […]

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What is an Enrolled Agent?

Elyssa Carlos — Tue, 17 Sep 2024 08:00:00 +0000

We often hear that the tax professionals qualified to represent you before the IRS are CPAs, tax attorneys, and enrolled agents. While the first two roles are more well-known, many are still confused about what exactly an enrolled agent is. An Enrolled Agent (EA) is a federally authorized tax practitioner who has technical expertise in […]

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What You Need to Know About IRS Bank Levies

Elyssa Carlos — Thu, 12 Sep 2024 08:00:00 +0000

When dealing with unpaid taxes, one of the most significant and immediate consequences can be an IRS bank levy. This action allows the IRS to legally seize funds directly from your bank account to satisfy outstanding tax debts. Understanding how an IRS bank levy works, how it can be avoided, and the steps to take […]

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Q3 2024 Estimated Taxes Are Due. Are You Prepared?

Elyssa Carlos — Mon, 09 Sep 2024 08:00:00 +0000

As the third quarter of 2024 comes to a close, taxpayers must remember a crucial deadline: Q3 estimated taxes are due. Whether you’re self-employed, an investor, or someone with substantial income not subject to withholding, making timely estimated tax payments is essential to avoid penalties and stay on the good side of the IRS. Here’s […]

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Ask Phil: How Much Do Your Services Cost?

Elyssa Carlos — Fri, 30 Aug 2024 08:00:00 +0000

Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses Optima Tax Relief’s services including their costs. Our services depend on the complexity of each individual tax case. We use a two-step approach to find you the best possible tax resolution. Step 1: Investigation After a brief, free initial consultation, Optima conducts a thorough investigation […]

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When Does the IRS Pay Interest on Tax Refunds?

Elyssa Carlos — Thu, 22 Aug 2024 08:00:00 +0000

The IRS typically processes tax refunds quickly, but in some cases, there can be delays. When these delays occur, taxpayers might wonder if they’re entitled to interest on their refund. The IRS does pay interest on tax refunds under specific circumstances. However, the rules governing when and how much interest is paid can be complex. […]

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The Difference Between an IRS Revenue Officer and a Revenue Agent

Elyssa Carlos — Mon, 19 Aug 2024 08:00:00 +0000

The IRS plays a critical role in ensuring that taxpayers comply with U.S. tax laws. Within the IRS, various professionals are tasked with different responsibilities, including revenue officers and revenue agents. While these roles may sound similar, they have distinct functions and purposes within the IRS. Understanding the difference between an IRS revenue officer and […]

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Tax Guide for Native Americans

Elyssa Carlos — Wed, 14 Aug 2024 08:00:00 +0000

Navigating taxes can be challenging for anyone, and Native Americans often face unique circumstances that require careful consideration. This guide aims to provide a comprehensive overview of the tax responsibilities and benefits specific to Native Americans in the United States. Understanding Sovereignty and Taxation A fundamental aspect of taxation for Native Americans is the concept […]

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What is Schedule D?

Elyssa Carlos — Mon, 05 Aug 2024 08:00:00 +0000

When it comes to filing your annual tax return with the IRS, Form 1040 is the central document that captures your overall financial picture. If you have realized capital gains or losses from the sale of assets such as stocks, bonds, real estate, or other investments during the year, you’ll need to report these transactions […]

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