Savvy taxpayers are aware of a little-known secret in the tax world known as the Collection Statute Expiration Date (CSED). This critical date signifies the maximum timeframe the IRS has to collect any outstanding tax debt from an individual or business. Understanding the ins and outs of CSED can work [...]
FAQ about the STATES 0 Act and Federal Cannabis Policy Q: What is the STATES 0 Act? A: The STATES 0 Act, or the “Strengthening the Tenth Amendment Through Entrusting States” Act, is a proposed piece of legislation aimed at limiting federal interference in state-level cannabis laws. It seeks to [...]
With the end of the year fast approaching, it’s important for you to understand how deductions and credits can significantly impact your tax liability. Appropriately leveraging these financial tools can reduce the amount you owe or potentially increase your refund. By strategically planning your finances and taking full advantage of [...]
They may argue that exempting Social Security benefits from income tax promotes financial security for retirees, but this approach is ultimately unsound and fiscally irresponsible. It undermines the integrity of the tax system and exacerbates budgetary challenges faced by governments. He and she should understand that doing so shifts the [...]
Exercising your right to a Collection Due Process (CDP) Review can be a vital step in appealing IRS collection actions. The CDP Review process offers taxpayers the opportunity to challenge the IRS’s decisions regarding seizure of assets, wage garnishment, or property liens. It provides a formal avenue to seek relief [...]
Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, recently addressed the subject of tax brackets to shed light on their function and impact on taxpayers. Tax brackets are a familiar term often heard in conversations about taxes, but they remain misunderstood by many. The role of tax brackets is crucial [...]
A Mega Backdoor Roth IRA is an advanced retirement savings option available to high-income earners who want to contribute more to their retirement accounts than what is typically allowed. This strategy is particularly useful for individuals who are restricted from contributing directly to a Roth IRA due to income limits. [...]
With the end of the year approaching, it’s important for you to evaluate how effectively you’re utilizing tax-advantaged accounts to optimize your financial situation. These accounts can provide significant benefits, such as reducing your taxable income and growing your savings more efficiently. Whether it’s your retirement plans, Health Savings Accounts, [...]
Olympians face unique tax implications that extend beyond their training and competition expenses. As athletes represent their countries on a global stage, they must navigate complex tax laws that vary by jurisdiction. In addition to the taxation of their prize money, they may need to account for international earnings based [...]
Occasionally, individuals find themselves in a predicament where the IRS has placed a claim on their property due to outstanding tax debt. This can be a daunting and stressful situation, but there is a solution that can provide relief. By obtaining a Certificate of Discharge, individuals can potentially release the [...]