Did you make a mistake on your tax return? Whether it’s to correct errors, claim overlooked deductions, or address changes in filing status, it may be best to amend your tax return. CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on what important facts you need to know before amending your […]
What is the Work Opportunity Tax Credit?
The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit available to employers who hire individuals from certain targeted groups that have consistently faced significant barriers to employment. Established as part of the Small Business Job Protection Act of 1996, the WOTC aims to incentivize businesses to diversify their workforce and provide job […]
Ask Phil: What is Tax Identity Theft?
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about tax identity theft, breaking down his top tips on how to avoid being a scam victim. Get an IP PIN An Identity Protection PIN (IP PIN) from the IRS is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social […]
Do Back Taxes Affect Credit Scores?
When managing personal finances, understanding the impact of back taxes on your credit score is crucial. Many people may wonder if unpaid taxes can affect their creditworthiness, especially given how credit scores play a significant role in various financial decisions, from obtaining loans to securing housing. Here’s a comprehensive look at how back taxes interact […]
What is Schedule E?
Taxes are difficult to understand as they are. Adding in the complexities of tax forms can add to the confusion, especially when it comes to reporting rental income and expenses. Schedule E is an essential form for property owners and investors who need to report income and losses from rental real estate, royalties, partnerships, S […]