Optima Financial Group, Author at Optima Tax Relief

What is the FDCPA?

Optima Financial Group — Wed, 28 Aug 2024 08:00:00 +0000

Being in debt is a stressful circumstance that collectors can often intensify with unfair practices. Therefore, the Fair Debt Collection Practices Act (FDCPA) prohibits companies from using such practices to collect debts from you. Here’s an overview of the FDCPA, including what it is, who it applies to, and its key provisions. What is […]

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IRS Form 8300 & What it Means For You

Optima Financial Group — Tue, 07 Nov 2023 16:00:00 +0000

The main purpose of the IRS is to collect funds that are due and payable to the US Treasury Department. To that end, taxpayers are required to report their taxable income and pay taxes on that income. This system is known as voluntary compliance. IRS Form 8300 is a critical document used by the IRS […]

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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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Don’t Fear IRS Form 1099-C

Optima Financial Group — Thu, 12 Oct 2023 15:00:06 +0000

Perhaps the most feared and least understood document ever published by the IRS is Form 1099-C, Cancellation of Debt. Form 1099-C is sent to people who were so deep in debt, their creditors agreed to give them a break. They do this by either reducing or cancelling their debt altogether. Think foreclosures, short sales, credit card […]

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Optima Newsletter – September 2023

Optima Financial Group — Wed, 20 Sep 2023 21:21:00 +0000

Zelle and Taxes: Will I Receive a 1099-K? Beginning in tax year 2023, you will receive a1099-K if you receive more than $600 in aggregate payments through a payment app or online marketplace. These can include Venmo, PayPal, Etsy, eBay, Cash App, Square, Facebook, Amazon, Shopify, and others. However, there is one payment app that […]

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Optima Newsletter – August 2023

Optima Financial Group — Thu, 17 Aug 2023 21:07:00 +0000

Tax Tips for Seniors and Retirees As the golden years approach, seniors and retirees face a new set of financial challenges, with tax planning becoming increasingly important. Understanding the tax implications of retirement income sources, investments, and deductions can significantly impact a retiree’s financial well-being. In this blog post, we’ll explore some valuable tax tips […]

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Optima Newsletter – July 2023

Optima Financial Group — Thu, 20 Jul 2023 20:56:00 +0000

Am I Responsible for My Spouse’s Back Taxes? Marriage is viewed as a union of two individuals, joining both their lives and responsibilities. As financial obligations and responsibilities intertwine, questions arise about whether one spouse is accountable for the other’s past tax liabilities. In this article, we will delve into the concept of spousal responsibility […]

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Optima Newsletter – June 2023

Optima Financial Group — Thu, 22 Jun 2023 20:54:00 +0000

Chapter 7 Bankruptcy and Taxes Bankruptcy is an exhausting process that individuals and corporations may have to go through when they are overburdened by financial obligations. While it provides the opportunity for a fresh start, it is critical to be mindful of the tax implications. In this blog article, we will discuss the tax implications […]

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Optima Newsletter – May 2023

Optima Financial Group — Thu, 25 May 2023 17:17:00 +0000

What Happens If You Don’t File Your Taxes? The April 18th tax deadline passed, and you did not file your tax return. Now what? First, don’t panic. Not everyone needs to file a tax return. Typically, if you earn less than the standard deduction associated with your filing status, you do not need to file a […]

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Optima Newsletter – April 2023

Optima Financial Group — Fri, 21 Apr 2023 00:25:00 +0000

What is the IRS Collection Statute of Limitations? They say that death and taxes are the only two certainties in life. However, taxes are only collectible for so long. Did you know there is a statute of limitations for IRS collections? Here’s an overview of how the IRS statute of limitations works. Read More How […]

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