Optima Newsletter Archives - Optima Tax Relief

Optima Newsletter – July 2024

Elyssa Carlos — Mon, 01 Jul 2024 08:00:00 +0000

How IRS Installment Agreements Work When most people first examine tax relief options, they might have their hopes set on an offer in compromise – or their tax debt settled for less than what they owe. Unfortunately, OICs are more often denied by the IRS than they are accepted. When tax debt becomes too much […]

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Optima Newsletter – June 2024

Elyssa Carlos — Sat, 01 Jun 2024 08:00:00 +0000

Can the IRS Take My 401(k)? Owing back taxes is a stressful situation for many Americans. Therefore, understanding the potential consequences is crucial. One common concern is whether the IRS can seize your 401(k) retirement savings to satisfy unpaid tax liabilities. Here’s what you need to know about if the IRS can take your 401(k). […]

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Optima Newsletter – May 2024

Elyssa Carlos — Wed, 01 May 2024 08:00:00 +0000

Do You Pay Taxes on Lawsuit Settlements? When individuals or businesses are involved in legal disputes that result in settlements or judgments in their favor, one common question arises. Do you pay taxes on lawsuit settlements? The answer to this question can vary depending on the nature of the lawsuit, the type of damages awarded, […]

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Optima Newsletter – March 2024

Elyssa Carlos — Mon, 01 Apr 2024 08:00:00 +0000

What is Injured Spouse Relief? When couples file joint tax returns, they often expect to share both the benefits and the burdens of taxation equally. However, situations can arise where one spouse’s debts or obligations lead to the entire tax refund being withheld to cover them. We’ve covered innocent spouse relief before. However, there is another type […]

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Optima Newsletter – March 2024

Elyssa Carlos — Fri, 15 Mar 2024 17:10:51 +0000

Hoping for the Child Tax Credit? Don’t Wait to File The U.S. House of Representatives has approved a bill that has the potential to grant families significant tax benefits. The aim is to strengthen tax breaks, offering substantial financial support to American households and leading to significant savings. Among the many items addressed in the […]

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Optima Newsletter – February 2024

Elyssa Carlos — Fri, 01 Mar 2024 19:08:31 +0000

Can the IRS Take My Pension? The IRS is responsible for collecting taxes to fund government operations. While the IRS has various tools at its disposal to ensure tax compliance, there are limitations on what assets it can seize. One question that often arises is whether the IRS has the authority to take pensions. In […]

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Optima Newsletter – January 2024

Elyssa Carlos — Thu, 01 Feb 2024 16:00:00 +0000

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 and strained relationships. To address this issue, the IRS offers a form of […]

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Optima Newsletter – December 2023

Elyssa Carlos — Mon, 01 Jan 2024 17:30:29 +0000

2024 IRS Tax Inflation Adjustments As the calendar turns to 2024, the IRS has announced several inflation adjustments that will impact the tax code. These adjustments are crucial for taxpayers to comprehend, as they can influence exemptions, credits, and exclusions, shaping the financial landscape for individuals and families. Here are the IRS inflation adjustments for […]

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Optima Newsletter – November 2023

Elyssa Carlos — Fri, 01 Dec 2023 20:48:24 +0000

How Long Can the IRS Audit My Taxes? The worst thing that can happen for most taxpayers is being told by the IRS that they are being audited. What most people don’t realize is that there is a timeframe for how long the IRS can audit an individual. This timeframe is known as the audit […]

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Optima Newsletter – October 2023

Optima Financial Group — Thu, 19 Oct 2023 21:22:48 +0000

How Does Alimony Affect Your Taxes? Alimony, also known as spousal support or maintenance, is a regular payment made by one spouse to another after divorce or separation. While it’s essential to ensure financial stability for the receiving spouse, it’s equally important to understand the tax implications of alimony, as they can significantly affect your financial […]

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