Optima Tax Relief

You may notice several deductions on your paycheck, such as federal income tax, state taxes, and Social Security. The Federal Insurance Contributions Act (FICA) tax is a critical component of these deductions. While the FICA tax may appear complex at first, understanding its purpose and ramifications can help you make sound financial decisions. This blog […]

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Many taxpayers worry that falling behind on their taxes will immediately damage their credit. If you’re carrying an IRS balance or have received collection notices, you may be wondering whether your credit score has already taken a hit.  The good news is that, in most cases, owing the IRS does not directly affect your credit score. Unlike cr...

Employees contributed essential goods including food, clothing, books, and footwear to local nonprofit organizations  Optima Tax Relief has completed its annual donation drive, bringing together employees across the organization to support nonprofit partners serving communities throughout Los Angeles and Orange County. This year’s effort focused on providing es...

Self-employment offers flexibility and independence, but it also places full responsibility for taxes on the individual. Unlike traditional employees who have taxes automatically withheld from their paychecks, self-employed individuals must calculate their own tax liability, set aside money throughout the year, and ensure timely payments to the IRS.  This often...

For most taxpayers, the statute of limitations provides a sense of closure after filing a return. Once a certain number of years pass, many assume the IRS can no longer revisit those filings. However, a recent federal appeals court decision — and the Supreme Court’s decision not to review it — has complicated that assumption in cases […]

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