Tax News Archives - Optima Tax Relief https://optimataxrelief.com/blog/tax-news/ Tax Relief & Resolution - Trust the Experts at Optima Tax Relief Tue, 23 Jul 2024 17:11:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://optimataxrelief.com/wp-content/uploads/2023/10/cropped-favicon_512-1-1-32x32.png Tax News Archives - Optima Tax Relief https://optimataxrelief.com/blog/tax-news/ 32 32 What is the Federal Disaster Tax Relief Act?  https://optimataxrelief.com/blog/what-is-the-federal-disaster-tax-relief-act/ Mon, 22 Jul 2024 08:00:00 +0000 https://optimataxrelief.com/?p=20944 The Federal Disaster Tax Relief Act is a legislative measure proposed by the U.S. Congress to provide tax relief and assistance to individuals and businesses affected by natural disasters. This Act is part of a broader effort by the federal government to alleviate the financial burden on those impacted by disasters such as hurricanes, wildfires, […]

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]]> IRS Interest Rates Remain the Same for Q3 of 2024  https://optimataxrelief.com/blog/irs-interest-rates-remain-the-same-for-q3-of-2024/ Mon, 01 Jul 2024 08:00:00 +0000 https://optimataxrelief.com/?p=19967 As we officially move into the third quarter of 2024, the IRS has announced that interest rates will remain unchanged. This decision continues the trend of stability in interest rates, providing predictability for taxpayers and financial planners alike. Here’s a breakdown of the recent IRS announcement.  Current Interest Rates  For the third quarter of 2024, […]

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]]> IRS Announces Interest Rates for Q3 of 2024 https://optimataxrelief.com/blog/irs-announces-interest-rates-for-q3-of-2024/ Tue, 14 May 2024 08:00:00 +0000 https://optimataxrelief.com/?p=19662 The IRS has announced that interest rates for the third quarter of 2024 will remain consistent with the previous quarter. This decision comes amidst ongoing economic evaluations and reflects the IRS’s commitment to stability in the financial landscape. Here’s an overview of the IRS interest rates for Q3 of 2024. What Are the 2024 Q3 […]

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]]> 14 States That Cut Their Income Tax Rates in 2024 https://optimataxrelief.com/blog/14-states-that-cut-their-income-tax-rates-in-2024/ Mon, 18 Mar 2024 16:00:00 +0000 https://optimataxrelief.com/?p=19300 In a move signaling a significant shift in fiscal policy, 14 states across the United States implemented cuts to individual income taxes in 2024. This development comes as states reassess their tax structures amid changing economic landscapes and evolving political priorities. Here’s a breakdown of the 14 states that cut their income tax rates in 2024. […]

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]]> Hoping for the Child Tax Credit? Don’t Wait to File https://optimataxrelief.com/blog/hoping-for-the-child-tax-credit-dont-wait-to-file/ Wed, 28 Feb 2024 16:00:00 +0000 https://optimataxrelief.com/?p=18709 In a recent update, 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 bill is the expansion of the […]

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]]> The IRS is Restarting Collections in 2024  https://optimataxrelief.com/blog/the-irs-is-restarting-collections-in-2024/ Wed, 03 Jan 2024 16:00:00 +0000 https://optimataxrelief.com/?p=17894 In a significant development, the IRS has announced the resumption of collections in 2024. This marks a crucial phase in the aftermath of the global economic challenges posed by the COVID-19 pandemic. This decision has implications for taxpayers across the United States, as the IRS seeks to address the mounting financial pressures faced by the […]

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]]> Can the IRS Automatically Complete Tax Returns? https://optimataxrelief.com/blog/can-the-irs-automatically-complete-tax-returns/ Thu, 21 Dec 2023 16:00:00 +0000 https://www.optimataxrelief.com/?p=9882 Years ago, a study showed that the IRS may might be able to complete nearly half of the nation’s tax returns automatically. The study was conducted by researchers from the U.S. Department of the Treasury, Minneapolis Federal Reserve and Dartmouth College. Random samples of 344,400 individual tax returns from 2019 were used in this study. […]

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]]> 2023 State Income Tax Rates and Brackets https://optimataxrelief.com/blog/2023-state-income-tax-rates-and-brackets/ Thu, 03 Aug 2023 15:00:17 +0000 https://optimataxrelief.com/?p=11306 We often discuss federal taxes here, from tax filings to deductions and credits. However, it’s important to note that federal taxes are typically only one half of a taxpayer’s responsibility. In addition to filing and paying federal taxes each year, taxpayers must also stay on top of their state tax responsibilities if they have any. […]

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]]> What’s Going on with Social Security? https://optimataxrelief.com/blog/whats-going-on-with-social-security/ Thu, 27 Jul 2023 15:00:08 +0000 https://optimataxrelief.com/?p=11288 Social Security, a cornerstone of America’s safety net, has been providing financial support to millions of retirees, disabled individuals, and surviving family members for decades. However, as our society undergoes demographic shifts and economic challenges, it has become increasingly evident that the current system requires substantial reform to remain viable for future generations. So, what’s […]

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]]> Many Erroneous CP14s Have Been Issued – Here’s What You Need to Know https://optimataxrelief.com/blog/irs-notice-cp14/ Mon, 12 Jun 2023 15:00:48 +0000 https://optimataxrelief.com/?p=11168 IRS Notice CP14 is sent to taxpayers to inform them of an outstanding balance on their federal tax account. It serves as a bill for unpaid taxes. It includes details such as the amount owed, accrued interest, and any penalties incurred. While receiving this notice might not be a shock for many, some taxpayers impacted […]

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